id	sid	tid	token	lemma	pos
ajfa-9064	1	1	asian	asian	ADJ
ajfa-9064	1	2	journal	journal	PROPN
ajfa-9064	1	3	of	of	ADP
ajfa-9064	1	4	finance	finance	PROPN
ajfa-9064	1	5	&	&	CCONJ
ajfa-9064	1	6	accounting	accounting	PROPN
ajfa-9064	1	7	issn	issn	PROPN
ajfa-9064	1	8	1946	1946	NUM
ajfa-9064	1	9	-	-	PUNCT
ajfa-9064	1	10	052x	052x	PROPN
ajfa-9064	1	11	2016	2016	NUM
ajfa-9064	1	12	,	,	PUNCT
ajfa-9064	1	13	vol	vol	NOUN
ajfa-9064	1	14	.	.	PROPN
ajfa-9064	1	15	8	8	NUM
ajfa-9064	1	16	,	,	PUNCT
ajfa-9064	1	17	no	no	INTJ
ajfa-9064	1	18	.	.	NOUN
ajfa-9064	1	19	1	1	NUM
ajfa-9064	1	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9064	1	21	100	100	NUM
ajfa-9064	1	22	can	can	AUX
ajfa-9064	1	23	the	the	DET
ajfa-9064	1	24	audit	audit	NOUN
ajfa-9064	1	25	committee	committee	NOUN
ajfa-9064	1	26	provide	provide	VERB
ajfa-9064	1	27	better	well	ADJ
ajfa-9064	1	28	oversight	oversight	NOUN
ajfa-9064	1	29	of	of	ADP
ajfa-9064	1	30	listed	list	VERB
ajfa-9064	1	31	companies	company	NOUN
ajfa-9064	1	32	?	?	PUNCT
ajfa-9064	2	1	–	–	PUNCT
ajfa-9064	2	2	an	an	DET
ajfa-9064	2	3	efficiency	efficiency	NOUN
ajfa-9064	2	4	of	of	ADP
ajfa-9064	2	5	cash	cash	NOUN
ajfa-9064	2	6	holdings	holding	NOUN
ajfa-9064	2	7	perspective	perspective	NOUN
ajfa-9064	2	8	cheng	cheng	PROPN
ajfa-9064	2	9	-	-	PUNCT
ajfa-9064	2	10	li	li	PROPN
ajfa-9064	2	11	huang	huang	PROPN
ajfa-9064	2	12	department	department	PROPN
ajfa-9064	2	13	of	of	ADP
ajfa-9064	2	14	accounting	accounting	PROPN
ajfa-9064	2	15	,	,	PUNCT
ajfa-9064	2	16	tamkang	tamkang	PROPN
ajfa-9064	2	17	university	university	PROPN
ajfa-9064	2	18	no.151	no.151	PROPN
ajfa-9064	2	19	,	,	PUNCT
ajfa-9064	2	20	yingzhuan	yingzhuan	PROPN
ajfa-9064	2	21	rd	rd	PROPN
ajfa-9064	2	22	.	.	PROPN
ajfa-9064	2	23	,	,	PUNCT
ajfa-9064	2	24	tamsui	tamsui	NOUN
ajfa-9064	2	25	dist	dist	NOUN
ajfa-9064	2	26	.	.	PUNCT
ajfa-9064	3	1	,	,	PUNCT
ajfa-9064	3	2	new	new	PROPN
ajfa-9064	3	3	taipei	taipei	PROPN
ajfa-9064	3	4	city	city	PROPN
ajfa-9064	3	5	25137	25137	NUM
ajfa-9064	3	6	,	,	PUNCT
ajfa-9064	3	7	taiwan	taiwan	PROPN
ajfa-9064	3	8	(	(	PUNCT
ajfa-9064	3	9	r.o.c	r.o.c	PROPN
ajfa-9064	3	10	.	.	PUNCT
ajfa-9064	3	11	)	)	PUNCT
ajfa-9064	4	1	tel	tel	ADP
ajfa-9064	4	2	:	:	PUNCT
ajfa-9064	4	3	886	886	NUM
ajfa-9064	4	4	-	-	SYM
ajfa-9064	4	5	2	2	NUM
ajfa-9064	4	6	-	-	PUNCT
ajfa-9064	4	7	2621	2621	NUM
ajfa-9064	4	8	-	-	SYM
ajfa-9064	4	9	5656	5656	NUM
ajfa-9064	4	10	ext.3368e	ext.3368e	NOUN
ajfa-9064	4	11	-	-	PUNCT
ajfa-9064	4	12	mail	mail	NOUN
ajfa-9064	4	13	:	:	PUNCT
ajfa-9064	4	14	chengli@mail.tku.edu.tw	chengli@mail.tku.edu.tw	PROPN
ajfa-9064	4	15	wei	wei	PROPN
ajfa-9064	4	16	-	-	PROPN
ajfa-9064	4	17	ju	ju	PROPN
ajfa-9064	4	18	chen	chen	PROPN
ajfa-9064	4	19	department	department	PROPN
ajfa-9064	4	20	of	of	ADP
ajfa-9064	4	21	accounting	accounting	PROPN
ajfa-9064	4	22	,	,	PUNCT
ajfa-9064	4	23	tamkang	tamkang	PROPN
ajfa-9064	4	24	university	university	PROPN
ajfa-9064	4	25	no.151	no.151	PROPN
ajfa-9064	4	26	,	,	PUNCT
ajfa-9064	4	27	yingzhuan	yingzhuan	PROPN
ajfa-9064	4	28	rd	rd	PROPN
ajfa-9064	4	29	.	.	PROPN
ajfa-9064	4	30	,	,	PUNCT
ajfa-9064	4	31	tamsui	tamsui	NOUN
ajfa-9064	4	32	dist	dist	NOUN
ajfa-9064	4	33	.	.	PUNCT
ajfa-9064	5	1	,	,	PUNCT
ajfa-9064	5	2	new	new	PROPN
ajfa-9064	5	3	taipei	taipei	PROPN
ajfa-9064	5	4	city	city	PROPN
ajfa-9064	5	5	25137	25137	NUM
ajfa-9064	5	6	,	,	PUNCT
ajfa-9064	5	7	taiwan	taiwan	PROPN
ajfa-9064	5	8	(	(	PUNCT
ajfa-9064	5	9	r.o.c	r.o.c	PROPN
ajfa-9064	5	10	.	.	PUNCT
ajfa-9064	5	11	)	)	PUNCT
ajfa-9064	6	1	tel	tel	ADP
ajfa-9064	6	2	:	:	PUNCT
ajfa-9064	6	3	886	886	NUM
ajfa-9064	6	4	-	-	SYM
ajfa-9064	6	5	2	2	NUM
ajfa-9064	6	6	-	-	PUNCT
ajfa-9064	6	7	2621	2621	NUM
ajfa-9064	6	8	-	-	SYM
ajfa-9064	6	9	5656	5656	NUM
ajfa-9064	6	10	ext.3365e-mail:weiju@mail.tku.edu.tw	ext.3365e-mail:weiju@mail.tku.edu.tw	PROPN
ajfa-9064	6	11	kuo	kuo	PROPN
ajfa-9064	6	12	-	-	PUNCT
ajfa-9064	6	13	chen	chen	PROPN
ajfa-9064	6	14	lu	lu	PROPN
ajfa-9064	6	15	(	(	PUNCT
ajfa-9064	6	16	corresponding	correspond	VERB
ajfa-9064	6	17	author	author	NOUN
ajfa-9064	6	18	)	)	PUNCT
ajfa-9064	6	19	graduate	graduate	PROPN
ajfa-9064	6	20	institute	institute	PROPN
ajfa-9064	6	21	of	of	ADP
ajfa-9064	6	22	management	management	PROPN
ajfa-9064	6	23	sciences	sciences	PROPN
ajfa-9064	6	24	,	,	PUNCT
ajfa-9064	6	25	tamkang	tamkang	PROPN
ajfa-9064	6	26	university	university	PROPN
ajfa-9064	6	27	no.151	no.151	PROPN
ajfa-9064	6	28	,	,	PUNCT
ajfa-9064	6	29	yingzhuan	yingzhuan	PROPN
ajfa-9064	6	30	rd	rd	PROPN
ajfa-9064	6	31	.	.	PROPN
ajfa-9064	6	32	,	,	PUNCT
ajfa-9064	6	33	tamsui	tamsui	NOUN
ajfa-9064	6	34	dist	dist	NOUN
ajfa-9064	6	35	.	.	PUNCT
ajfa-9064	7	1	,new	,new	PUNCT
ajfa-9064	7	2	taipei	taipei	PROPN
ajfa-9064	7	3	city	city	PROPN
ajfa-9064	7	4	25137	25137	NUM
ajfa-9064	7	5	,	,	PUNCT
ajfa-9064	7	6	taiwan	taiwan	PROPN
ajfa-9064	7	7	(	(	PUNCT
ajfa-9064	7	8	r.o.c	r.o.c	PROPN
ajfa-9064	7	9	.	.	PUNCT
ajfa-9064	7	10	)	)	PUNCT
ajfa-9064	8	1	tel	tel	ADP
ajfa-9064	8	2	:	:	PUNCT
ajfa-9064	8	3	886	886	NUM
ajfa-9064	8	4	-	-	SYM
ajfa-9064	8	5	2	2	NUM
ajfa-9064	8	6	-	-	PUNCT
ajfa-9064	8	7	2658	2658	NUM
ajfa-9064	8	8	-	-	PUNCT
ajfa-9064	8	9	5801	5801	NUM
ajfa-9064	8	10	ext.2712e	ext.2712e	ADJ
ajfa-9064	8	11	-	-	PUNCT
ajfa-9064	8	12	mail	mail	NOUN
ajfa-9064	8	13	:	:	PUNCT
ajfa-9064	8	14	david.lu	david.lu	PROPN
ajfa-9064	8	15	@takming.edu.tw	@takming.edu.tw	PROPN
ajfa-9064	8	16	received	receive	VERB
ajfa-9064	8	17	:	:	PUNCT
ajfa-9064	8	18	feb	feb	PROPN
ajfa-9064	8	19	.	.	PROPN
ajfa-9064	8	20	20	20	NUM
ajfa-9064	8	21	,	,	PUNCT
ajfa-9064	8	22	2016	2016	NUM
ajfa-9064	8	23	accepted	accept	VERB
ajfa-9064	8	24	:	:	PUNCT
ajfa-9064	8	25	march22	march22	NOUN
ajfa-9064	8	26	,	,	PUNCT
ajfa-9064	8	27	2016	2016	NUM
ajfa-9064	8	28	published	publish	VERB
ajfa-9064	8	29	:	:	PUNCT
ajfa-9064	8	30	june	june	PROPN
ajfa-9064	8	31	1	1	NUM
ajfa-9064	8	32	,	,	PUNCT
ajfa-9064	8	33	2016	2016	NUM
ajfa-9064	8	34	doi:10.5296	doi:10.5296	NOUN
ajfa-9064	8	35	/	/	SYM
ajfa-9064	8	36	ajfa.v8i1.9064	ajfa.v8i1.9064	NUM
ajfa-9064	8	37	url	url	NOUN
ajfa-9064	8	38	:	:	PUNCT
ajfa-9064	8	39	http://dx.doi.org/10.5296/ajfa.v8i1.9064	http://dx.doi.org/10.5296/ajfa.v8i1.9064	NOUN
ajfa-9064	8	40	abstract	abstract	ADJ
ajfa-9064	8	41	this	this	DET
ajfa-9064	8	42	study	study	NOUN
ajfa-9064	8	43	attempts	attempt	VERB
ajfa-9064	8	44	to	to	PART
ajfa-9064	8	45	inspection	inspection	VERB
ajfa-9064	8	46	the	the	DET
ajfa-9064	8	47	efficient	efficient	ADJ
ajfa-9064	8	48	of	of	ADP
ajfa-9064	8	49	using	use	VERB
ajfa-9064	8	50	cash	cash	NOUN
ajfa-9064	8	51	holdings	holding	NOUN
ajfa-9064	8	52	whether	whether	SCONJ
ajfa-9064	8	53	is	be	AUX
ajfa-9064	8	54	improved	improve	VERB
ajfa-9064	8	55	after	after	ADP
ajfa-9064	8	56	setting	set	VERB
ajfa-9064	8	57	up	up	ADP
ajfa-9064	8	58	audit	audit	NOUN
ajfa-9064	8	59	committee	committee	NOUN
ajfa-9064	8	60	sound	sound	VERB
ajfa-9064	8	61	corporate	corporate	ADJ
ajfa-9064	8	62	governance	governance	NOUN
ajfa-9064	8	63	from	from	ADP
ajfa-9064	8	64	the	the	DET
ajfa-9064	8	65	perspective	perspective	NOUN
ajfa-9064	8	66	of	of	ADP
ajfa-9064	8	67	reducing	reduce	VERB
ajfa-9064	8	68	agency	agency	NOUN
ajfa-9064	8	69	costs	cost	NOUN
ajfa-9064	8	70	.	.	PUNCT
ajfa-9064	9	1	we	we	PRON
ajfa-9064	9	2	use	use	VERB
ajfa-9064	9	3	the	the	DET
ajfa-9064	9	4	difference	difference	NOUN
ajfa-9064	9	5	in	in	ADP
ajfa-9064	9	6	difference	difference	NOUN
ajfa-9064	9	7	method	method	NOUN
ajfa-9064	9	8	to	to	PART
ajfa-9064	9	9	investigate	investigate	VERB
ajfa-9064	9	10	the	the	DET
ajfa-9064	9	11	effect	effect	NOUN
ajfa-9064	9	12	of	of	ADP
ajfa-9064	9	13	oversight	oversight	NOUN
ajfa-9064	9	14	of	of	ADP
ajfa-9064	9	15	audit	audit	NOUN
ajfa-9064	9	16	committee	committee	NOUN
ajfa-9064	9	17	from	from	ADP
ajfa-9064	9	18	2007	2007	NUM
ajfa-9064	9	19	to	to	ADP
ajfa-9064	9	20	2010	2010	NUM
ajfa-9064	9	21	the	the	DET
ajfa-9064	9	22	company	company	NOUN
ajfa-9064	9	23	with	with	ADP
ajfa-9064	9	24	audit	audit	NOUN
ajfa-9064	9	25	committee	committee	NOUN
ajfa-9064	9	26	for	for	ADP
ajfa-9064	9	27	sample	sample	NOUN
ajfa-9064	9	28	.	.	PUNCT
ajfa-9064	10	1	the	the	DET
ajfa-9064	10	2	empirical	empirical	ADJ
ajfa-9064	10	3	results	result	NOUN
ajfa-9064	10	4	show	show	VERB
ajfa-9064	10	5	that	that	SCONJ
ajfa-9064	10	6	the	the	DET
ajfa-9064	10	7	using	use	VERB
ajfa-9064	10	8	efficiency	efficiency	NOUN
ajfa-9064	10	9	of	of	ADP
ajfa-9064	10	10	cash	cash	NOUN
ajfa-9064	10	11	holdings	holding	NOUN
ajfa-9064	10	12	is	be	AUX
ajfa-9064	10	13	n’t	not	PART
ajfa-9064	10	14	promoted	promote	VERB
ajfa-9064	10	15	after	after	ADP
ajfa-9064	10	16	setting	set	VERB
ajfa-9064	10	17	up	up	ADP
ajfa-9064	10	18	audit	audit	NOUN
ajfa-9064	10	19	committee	committee	NOUN
ajfa-9064	10	20	with	with	ADP
ajfa-9064	10	21	all	all	DET
ajfa-9064	10	22	listed	list	VERB
ajfa-9064	10	23	companies	company	NOUN
ajfa-9064	10	24	sample	sample	NOUN
ajfa-9064	10	25	.	.	PUNCT
ajfa-9064	11	1	we	we	PRON
ajfa-9064	11	2	further	far	ADV
ajfa-9064	11	3	divided	divide	VERB
ajfa-9064	11	4	the	the	DET
ajfa-9064	11	5	sample	sample	NOUN
ajfa-9064	11	6	into	into	ADP
ajfa-9064	11	7	the	the	DET
ajfa-9064	11	8	asian	asian	ADJ
ajfa-9064	11	9	journal	journal	NOUN
ajfa-9064	11	10	of	of	ADP
ajfa-9064	11	11	finance	finance	PROPN
ajfa-9064	11	12	&	&	CCONJ
ajfa-9064	11	13	accounting	accounting	PROPN
ajfa-9064	11	14	issn	issn	PROPN
ajfa-9064	11	15	1946	1946	NUM
ajfa-9064	11	16	-	-	PUNCT
ajfa-9064	11	17	052x	052x	PROPN
ajfa-9064	11	18	2016	2016	NUM
ajfa-9064	11	19	,	,	PUNCT
ajfa-9064	11	20	vol	vol	NOUN
ajfa-9064	11	21	.	.	PROPN
ajfa-9064	11	22	8	8	NUM
ajfa-9064	11	23	,	,	PUNCT
ajfa-9064	11	24	no	no	INTJ
ajfa-9064	11	25	.	.	NOUN
ajfa-9064	11	26	1	1	NUM
ajfa-9064	11	27	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9064	11	28	101	101	NUM
ajfa-9064	11	29	over	over	ADP
ajfa-9064	11	30	-	-	PUNCT
ajfa-9064	11	31	the	the	DET
ajfa-9064	11	32	-	-	PUNCT
ajfa-9064	11	33	counter	counter	NOUN
ajfa-9064	11	34	(	(	PUNCT
ajfa-9064	11	35	otc	otc	PROPN
ajfa-9064	11	36	)	)	PUNCT
ajfa-9064	11	37	market	market	NOUN
ajfa-9064	11	38	and	and	CCONJ
ajfa-9064	11	39	the	the	DET
ajfa-9064	11	40	taiwan	taiwan	PROPN
ajfa-9064	11	41	stock	stock	PROPN
ajfa-9064	11	42	exchange	exchange	PROPN
ajfa-9064	11	43	(	(	PUNCT
ajfa-9064	11	44	tse	tse	PROPN
ajfa-9064	11	45	)	)	PUNCT
ajfa-9064	11	46	market	market	NOUN
ajfa-9064	11	47	according	accord	VERB
ajfa-9064	11	48	to	to	ADP
ajfa-9064	11	49	the	the	DET
ajfa-9064	11	50	stock	stock	NOUN
ajfa-9064	11	51	market	market	NOUN
ajfa-9064	11	52	feather	feather	NOUN
ajfa-9064	11	53	.	.	PUNCT
ajfa-9064	12	1	the	the	DET
ajfa-9064	12	2	empirical	empirical	NOUN
ajfa-9064	12	3	indicated	indicate	VERB
ajfa-9064	12	4	that	that	SCONJ
ajfa-9064	12	5	the	the	DET
ajfa-9064	12	6	taiwan	taiwan	PROPN
ajfa-9064	12	7	stock	stock	PROPN
ajfa-9064	12	8	exchange	exchange	PROPN
ajfa-9064	12	9	(	(	PUNCT
ajfa-9064	12	10	tse	tse	PROPN
ajfa-9064	12	11	)	)	PUNCT
ajfa-9064	12	12	market	market	NOUN
ajfa-9064	12	13	listed	list	VERB
ajfa-9064	12	14	sample	sample	NOUN
ajfa-9064	12	15	exhibited	exhibit	VERB
ajfa-9064	12	16	the	the	DET
ajfa-9064	12	17	effect	effect	NOUN
ajfa-9064	12	18	of	of	ADP
ajfa-9064	12	19	oversight	oversight	NOUN
ajfa-9064	12	20	of	of	ADP
ajfa-9064	12	21	audit	audit	NOUN
ajfa-9064	12	22	committee	committee	NOUN
ajfa-9064	12	23	;	;	PUNCT
ajfa-9064	12	24	however	however	ADV
ajfa-9064	12	25	,	,	PUNCT
ajfa-9064	12	26	the	the	DET
ajfa-9064	12	27	over	over	ADP
ajfa-9064	12	28	-	-	PUNCT
ajfa-9064	12	29	the	the	DET
ajfa-9064	12	30	-	-	PUNCT
ajfa-9064	12	31	counter	counter	NOUN
ajfa-9064	12	32	(	(	PUNCT
ajfa-9064	12	33	otc	otc	PROPN
ajfa-9064	12	34	)	)	PUNCT
ajfa-9064	12	35	market	market	NOUN
ajfa-9064	12	36	listed	list	VERB
ajfa-9064	12	37	is	be	AUX
ajfa-9064	12	38	not	not	PART
ajfa-9064	12	39	.	.	PUNCT
ajfa-9064	13	1	it	it	PRON
ajfa-9064	13	2	indicated	indicate	VERB
ajfa-9064	13	3	that	that	SCONJ
ajfa-9064	13	4	the	the	DET
ajfa-9064	13	5	different	different	ADJ
ajfa-9064	13	6	market	market	NOUN
ajfa-9064	13	7	structure	structure	NOUN
ajfa-9064	13	8	did	do	AUX
ajfa-9064	13	9	affect	affect	VERB
ajfa-9064	13	10	the	the	DET
ajfa-9064	13	11	effect	effect	NOUN
ajfa-9064	13	12	of	of	ADP
ajfa-9064	13	13	oversight	oversight	NOUN
ajfa-9064	13	14	of	of	ADP
ajfa-9064	13	15	audit	audit	NOUN
ajfa-9064	13	16	committee	committee	NOUN
ajfa-9064	13	17	.	.	PUNCT
ajfa-9064	14	1	keywords	keyword	NOUN
ajfa-9064	14	2	:	:	PUNCT
ajfa-9064	14	3	cash	cash	NOUN
ajfa-9064	14	4	holdings	holding	NOUN
ajfa-9064	14	5	,	,	PUNCT
ajfa-9064	14	6	corporate	corporate	ADJ
ajfa-9064	14	7	governance	governance	NOUN
ajfa-9064	14	8	,	,	PUNCT
ajfa-9064	14	9	audit	audit	NOUN
ajfa-9064	14	10	committee	committee	NOUN
ajfa-9064	14	11	,	,	PUNCT
ajfa-9064	14	12	agency	agency	NOUN
ajfa-9064	14	13	costs	cost	NOUN
ajfa-9064	14	14	,	,	PUNCT
ajfa-9064	14	15	difference	difference	NOUN
ajfa-9064	14	16	in	in	ADP
ajfa-9064	14	17	difference	difference	NOUN
ajfa-9064	14	18	method	method	NOUN
ajfa-9064	14	19	asian	asian	ADJ
ajfa-9064	14	20	journal	journal	NOUN
ajfa-9064	14	21	of	of	ADP
ajfa-9064	14	22	finance	finance	PROPN
ajfa-9064	14	23	&	&	CCONJ
ajfa-9064	14	24	accounting	accounting	PROPN
ajfa-9064	14	25	issn	issn	PROPN
ajfa-9064	14	26	1946	1946	NUM
ajfa-9064	14	27	-	-	PUNCT
ajfa-9064	14	28	052x	052x	PROPN
ajfa-9064	14	29	2016	2016	NUM
ajfa-9064	14	30	,	,	PUNCT
ajfa-9064	14	31	vol	vol	NOUN
ajfa-9064	14	32	.	.	PROPN
ajfa-9064	14	33	8	8	NUM
ajfa-9064	14	34	,	,	PUNCT
ajfa-9064	14	35	no	no	INTJ
ajfa-9064	14	36	.	.	NOUN
ajfa-9064	14	37	1	1	NUM
ajfa-9064	14	38	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9064	14	39	102	102	NUM
ajfa-9064	14	40	1	1	NUM
ajfa-9064	14	41	.	.	PUNCT
ajfa-9064	15	1	introduction	introduction	NOUN
ajfa-9064	15	2	the	the	DET
ajfa-9064	15	3	sarbanes	sarbanes	PROPN
ajfa-9064	15	4	-	-	PUNCT
ajfa-9064	15	5	oxley	oxley	ADJ
ajfa-9064	15	6	act	act	NOUN
ajfa-9064	15	7	of	of	ADP
ajfa-9064	15	8	2002	2002	NUM
ajfa-9064	15	9	is	be	AUX
ajfa-9064	15	10	a	a	DET
ajfa-9064	15	11	law	law	NOUN
ajfa-9064	15	12	legislated	legislate	VERB
ajfa-9064	15	13	to	to	PART
ajfa-9064	15	14	strengthen	strengthen	VERB
ajfa-9064	15	15	the	the	DET
ajfa-9064	15	16	internal	internal	ADJ
ajfa-9064	15	17	control	control	NOUN
ajfa-9064	15	18	of	of	ADP
ajfa-9064	15	19	publicly	publicly	ADV
ajfa-9064	15	20	listed	list	VERB
ajfa-9064	15	21	firms	firm	NOUN
ajfa-9064	15	22	and	and	CCONJ
ajfa-9064	15	23	to	to	PART
ajfa-9064	15	24	specify	specify	VERB
ajfa-9064	15	25	the	the	DET
ajfa-9064	15	26	roles	role	NOUN
ajfa-9064	15	27	and	and	CCONJ
ajfa-9064	15	28	responsibilities	responsibility	NOUN
ajfa-9064	15	29	of	of	ADP
ajfa-9064	15	30	audit	audit	NOUN
ajfa-9064	15	31	committees	committee	NOUN
ajfa-9064	15	32	in	in	ADP
ajfa-9064	15	33	publicly	publicly	ADV
ajfa-9064	15	34	listed	list	VERB
ajfa-9064	15	35	firms	firm	NOUN
ajfa-9064	15	36	.	.	PUNCT
ajfa-9064	16	1	in	in	ADP
ajfa-9064	16	2	taiwan	taiwan	PROPN
ajfa-9064	16	3	,	,	PUNCT
ajfa-9064	16	4	all	all	DET
ajfa-9064	16	5	new	new	ADJ
ajfa-9064	16	6	listed	list	VERB
ajfa-9064	16	7	firms	firm	NOUN
ajfa-9064	16	8	have	have	AUX
ajfa-9064	16	9	been	be	AUX
ajfa-9064	16	10	required	require	VERB
ajfa-9064	16	11	to	to	PART
ajfa-9064	16	12	adopt	adopt	VERB
ajfa-9064	16	13	the	the	DET
ajfa-9064	16	14	independent	independent	ADJ
ajfa-9064	16	15	director	director	NOUN
ajfa-9064	16	16	system	system	NOUN
ajfa-9064	16	17	since	since	SCONJ
ajfa-9064	16	18	feb	feb	PROPN
ajfa-9064	16	19	,	,	PUNCT
ajfa-9064	16	20	2002	2002	NUM
ajfa-9064	16	21	.	.	PUNCT
ajfa-9064	17	1	in	in	ADP
ajfa-9064	17	2	an	an	DET
ajfa-9064	17	3	attempt	attempt	NOUN
ajfa-9064	17	4	to	to	PART
ajfa-9064	17	5	improve	improve	VERB
ajfa-9064	17	6	corporate	corporate	ADJ
ajfa-9064	17	7	governance	governance	NOUN
ajfa-9064	17	8	,	,	PUNCT
ajfa-9064	17	9	the	the	DET
ajfa-9064	17	10	legislature	legislature	NOUN
ajfa-9064	17	11	in	in	ADP
ajfa-9064	17	12	taiwan	taiwan	PROPN
ajfa-9064	17	13	passed	pass	VERB
ajfa-9064	17	14	a	a	DET
ajfa-9064	17	15	major	major	ADJ
ajfa-9064	17	16	amendment	amendment	NOUN
ajfa-9064	17	17	to	to	ADP
ajfa-9064	17	18	securities	security	NOUN
ajfa-9064	17	19	and	and	CCONJ
ajfa-9064	17	20	exchange	exchange	PROPN
ajfa-9064	17	21	act	act	PROPN
ajfa-9064	17	22	on	on	ADP
ajfa-9064	17	23	dec	dec	PROPN
ajfa-9064	17	24	20	20	NUM
ajfa-9064	17	25	,	,	PUNCT
ajfa-9064	17	26	2005	2005	NUM
ajfa-9064	17	27	.	.	PUNCT
ajfa-9064	18	1	this	this	DET
ajfa-9064	18	2	amendment	amendment	NOUN
ajfa-9064	18	3	introduces	introduce	VERB
ajfa-9064	18	4	the	the	DET
ajfa-9064	18	5	audit	audit	NOUN
ajfa-9064	18	6	committee	committee	NOUN
ajfa-9064	18	7	system	system	NOUN
ajfa-9064	18	8	to	to	PART
ajfa-9064	18	9	reinforce	reinforce	VERB
ajfa-9064	18	10	financial	financial	ADJ
ajfa-9064	18	11	supervision	supervision	NOUN
ajfa-9064	18	12	.	.	PUNCT
ajfa-9064	19	1	as	as	ADP
ajfa-9064	19	2	to	to	ADP
ajfa-9064	19	3	the	the	DET
ajfa-9064	19	4	independent	independent	ADJ
ajfa-9064	19	5	director	director	NOUN
ajfa-9064	19	6	system	system	NOUN
ajfa-9064	19	7	,	,	PUNCT
ajfa-9064	19	8	the	the	DET
ajfa-9064	19	9	authority	authority	NOUN
ajfa-9064	19	10	has	have	AUX
ajfa-9064	19	11	adopted	adopt	VERB
ajfa-9064	19	12	a	a	DET
ajfa-9064	19	13	once	once	ADV
ajfa-9064	19	14	-	-	PUNCT
ajfa-9064	19	15	for	for	ADP
ajfa-9064	19	16	-	-	PUNCT
ajfa-9064	19	17	all	all	PRON
ajfa-9064	19	18	policy	policy	NOUN
ajfa-9064	19	19	,	,	PUNCT
ajfa-9064	19	20	which	which	PRON
ajfa-9064	19	21	requires	require	VERB
ajfa-9064	19	22	all	all	DET
ajfa-9064	19	23	publicly	publicly	ADV
ajfa-9064	19	24	listed	list	VERB
ajfa-9064	19	25	firms	firm	NOUN
ajfa-9064	19	26	to	to	PART
ajfa-9064	19	27	appoint	appoint	VERB
ajfa-9064	19	28	independent	independent	ADJ
ajfa-9064	19	29	directors	director	NOUN
ajfa-9064	19	30	before	before	ADP
ajfa-9064	19	31	the	the	DET
ajfa-9064	19	32	end	end	NOUN
ajfa-9064	19	33	of	of	ADP
ajfa-9064	19	34	2017	2017	NUM
ajfa-9064	19	35	.	.	PUNCT
ajfa-9064	20	1	to	to	PART
ajfa-9064	20	2	ensure	ensure	VERB
ajfa-9064	20	3	the	the	DET
ajfa-9064	20	4	independence	independence	NOUN
ajfa-9064	20	5	of	of	ADP
ajfa-9064	20	6	their	their	PRON
ajfa-9064	20	7	audit	audit	NOUN
ajfa-9064	20	8	committee	committee	NOUN
ajfa-9064	20	9	,	,	PUNCT
ajfa-9064	20	10	the	the	DET
ajfa-9064	20	11	audit	audit	NOUN
ajfa-9064	20	12	committee	committee	NOUN
ajfa-9064	20	13	must	must	AUX
ajfa-9064	20	14	be	be	AUX
ajfa-9064	20	15	composed	compose	VERB
ajfa-9064	20	16	of	of	ADP
ajfa-9064	20	17	only	only	ADJ
ajfa-9064	20	18	independent	independent	ADJ
ajfa-9064	20	19	directors	director	NOUN
ajfa-9064	20	20	.	.	PUNCT
ajfa-9064	21	1	this	this	DET
ajfa-9064	21	2	requirement	requirement	NOUN
ajfa-9064	21	3	is	be	AUX
ajfa-9064	21	4	intended	intend	VERB
ajfa-9064	21	5	to	to	PART
ajfa-9064	21	6	prepare	prepare	VERB
ajfa-9064	21	7	for	for	ADP
ajfa-9064	21	8	full	full	ADJ
ajfa-9064	21	9	implementation	implementation	NOUN
ajfa-9064	21	10	of	of	ADP
ajfa-9064	21	11	mandatory	mandatory	ADJ
ajfa-9064	21	12	establishment	establishment	NOUN
ajfa-9064	21	13	of	of	ADP
ajfa-9064	21	14	an	an	DET
ajfa-9064	21	15	audit	audit	NOUN
ajfa-9064	21	16	committee	committee	NOUN
ajfa-9064	21	17	.	.	PUNCT
ajfa-9064	22	1	it	it	PRON
ajfa-9064	22	2	is	be	AUX
ajfa-9064	22	3	believed	believe	VERB
ajfa-9064	22	4	that	that	SCONJ
ajfa-9064	22	5	after	after	ADP
ajfa-9064	22	6	full	full	ADJ
ajfa-9064	22	7	implementation	implementation	NOUN
ajfa-9064	22	8	of	of	ADP
ajfa-9064	22	9	this	this	DET
ajfa-9064	22	10	system	system	NOUN
ajfa-9064	22	11	,	,	PUNCT
ajfa-9064	22	12	corporate	corporate	ADJ
ajfa-9064	22	13	governance	governance	NOUN
ajfa-9064	22	14	in	in	ADP
ajfa-9064	22	15	taiwan	taiwan	PROPN
ajfa-9064	22	16	will	will	AUX
ajfa-9064	22	17	be	be	AUX
ajfa-9064	22	18	completely	completely	ADV
ajfa-9064	22	19	different	different	ADJ
ajfa-9064	22	20	and	and	CCONJ
ajfa-9064	22	21	more	more	ADV
ajfa-9064	22	22	effective	effective	ADJ
ajfa-9064	22	23	.	.	PUNCT
ajfa-9064	23	1	according	accord	VERB
ajfa-9064	23	2	to	to	ADP
ajfa-9064	23	3	financial	financial	ADJ
ajfa-9064	23	4	supervisory	supervisory	ADJ
ajfa-9064	23	5	commission	commission	NOUN
ajfa-9064	23	6	,	,	PUNCT
ajfa-9064	23	7	the	the	DET
ajfa-9064	23	8	authority	authority	NOUN
ajfa-9064	23	9	of	of	ADP
ajfa-9064	23	10	publicly	publicly	ADV
ajfa-9064	23	11	listed	list	VERB
ajfa-9064	23	12	firms	firm	NOUN
ajfa-9064	23	13	in	in	ADP
ajfa-9064	23	14	taiwan	taiwan	PROPN
ajfa-9064	23	15	,	,	PUNCT
ajfa-9064	23	16	the	the	DET
ajfa-9064	23	17	goal	goal	NOUN
ajfa-9064	23	18	of	of	ADP
ajfa-9064	23	19	this	this	DET
ajfa-9064	23	20	reform	reform	NOUN
ajfa-9064	23	21	is	be	AUX
ajfa-9064	23	22	to	to	PART
ajfa-9064	23	23	improve	improve	VERB
ajfa-9064	23	24	corporate	corporate	ADJ
ajfa-9064	23	25	governance	governance	NOUN
ajfa-9064	23	26	,	,	PUNCT
ajfa-9064	23	27	reduce	reduce	VERB
ajfa-9064	23	28	occurrence	occurrence	NOUN
ajfa-9064	23	29	of	of	ADP
ajfa-9064	23	30	abnormal	abnormal	ADJ
ajfa-9064	23	31	or	or	CCONJ
ajfa-9064	23	32	illegal	illegal	ADJ
ajfa-9064	23	33	events	event	NOUN
ajfa-9064	23	34	in	in	ADP
ajfa-9064	23	35	publicly	publicly	ADV
ajfa-9064	23	36	listed	list	VERB
ajfa-9064	23	37	firms	firm	NOUN
ajfa-9064	23	38	,	,	PUNCT
ajfa-9064	23	39	and	and	CCONJ
ajfa-9064	23	40	progressively	progressively	ADV
ajfa-9064	23	41	boost	boost	VERB
ajfa-9064	23	42	firm	firm	ADJ
ajfa-9064	23	43	performance	performance	NOUN
ajfa-9064	23	44	and	and	CCONJ
ajfa-9064	23	45	investor	investor	NOUN
ajfa-9064	23	46	confidence	confidence	NOUN
ajfa-9064	23	47	.	.	PUNCT
ajfa-9064	24	1	the	the	DET
ajfa-9064	24	2	audit	audit	NOUN
ajfa-9064	24	3	committee	committee	NOUN
ajfa-9064	24	4	system	system	NOUN
ajfa-9064	24	5	was	be	AUX
ajfa-9064	24	6	first	first	ADV
ajfa-9064	24	7	developed	develop	VERB
ajfa-9064	24	8	in	in	ADP
ajfa-9064	24	9	the	the	DET
ajfa-9064	24	10	us	we	PRON
ajfa-9064	24	11	to	to	PART
ajfa-9064	24	12	play	play	VERB
ajfa-9064	24	13	an	an	DET
ajfa-9064	24	14	important	important	ADJ
ajfa-9064	24	15	role	role	NOUN
ajfa-9064	24	16	in	in	ADP
ajfa-9064	24	17	corporate	corporate	ADJ
ajfa-9064	24	18	governance	governance	NOUN
ajfa-9064	24	19	.	.	PUNCT
ajfa-9064	25	1	in	in	ADP
ajfa-9064	25	2	1972	1972	NUM
ajfa-9064	25	3	,	,	PUNCT
ajfa-9064	25	4	the	the	DET
ajfa-9064	25	5	securities	securities	PROPN
ajfa-9064	25	6	and	and	CCONJ
ajfa-9064	25	7	exchange	exchange	PROPN
ajfa-9064	25	8	commission	commission	PROPN
ajfa-9064	25	9	of	of	ADP
ajfa-9064	25	10	the	the	DET
ajfa-9064	25	11	us	us	PROPN
ajfa-9064	25	12	issued	issue	VERB
ajfa-9064	25	13	accounting	accounting	NOUN
ajfa-9064	25	14	standard	standard	PROPN
ajfa-9064	25	15	release	release	VERB
ajfa-9064	25	16	no	no	NOUN
ajfa-9064	25	17	.	.	NOUN
ajfa-9064	25	18	123	123	NUM
ajfa-9064	25	19	,	,	PUNCT
ajfa-9064	25	20	titled	title	VERB
ajfa-9064	25	21	‘	'	PUNCT
ajfa-9064	25	22	standing	standing	ADJ
ajfa-9064	25	23	audit	audit	NOUN
ajfa-9064	25	24	committees	committee	NOUN
ajfa-9064	25	25	composed	compose	VERB
ajfa-9064	25	26	of	of	ADP
ajfa-9064	25	27	outside	outside	ADJ
ajfa-9064	25	28	directors	director	NOUN
ajfa-9064	25	29	’	'	PUNCT
ajfa-9064	25	30	.	.	PUNCT
ajfa-9064	26	1	in	in	ADP
ajfa-9064	26	2	1977	1977	NUM
ajfa-9064	26	3	,	,	PUNCT
ajfa-9064	26	4	the	the	DET
ajfa-9064	26	5	new	new	PROPN
ajfa-9064	26	6	york	york	PROPN
ajfa-9064	26	7	stock	stock	PROPN
ajfa-9064	26	8	exchange	exchange	PROPN
ajfa-9064	26	9	(	(	PUNCT
ajfa-9064	26	10	nyse	nyse	PROPN
ajfa-9064	26	11	)	)	PUNCT
ajfa-9064	26	12	adopted	adopt	VERB
ajfa-9064	26	13	a	a	DET
ajfa-9064	26	14	requirement	requirement	NOUN
ajfa-9064	26	15	for	for	ADP
ajfa-9064	26	16	all	all	DET
ajfa-9064	26	17	listed	list	VERB
ajfa-9064	26	18	firms	firm	NOUN
ajfa-9064	26	19	to	to	PART
ajfa-9064	26	20	establish	establish	VERB
ajfa-9064	26	21	an	an	DET
ajfa-9064	26	22	audit	audit	NOUN
ajfa-9064	26	23	committee	committee	NOUN
ajfa-9064	26	24	composed	compose	VERB
ajfa-9064	26	25	of	of	ADP
ajfa-9064	26	26	independent	independent	ADJ
ajfa-9064	26	27	directors	director	NOUN
ajfa-9064	26	28	before	before	ADP
ajfa-9064	26	29	jun	jun	PROPN
ajfa-9064	26	30	30	30	NUM
ajfa-9064	26	31	,	,	PUNCT
ajfa-9064	26	32	1978	1978	NUM
ajfa-9064	26	33	.	.	PUNCT
ajfa-9064	27	1	meanwhile	meanwhile	ADV
ajfa-9064	27	2	,	,	PUNCT
ajfa-9064	27	3	american	american	PROPN
ajfa-9064	27	4	stock	stock	PROPN
ajfa-9064	27	5	exchange	exchange	PROPN
ajfa-9064	27	6	(	(	PUNCT
ajfa-9064	27	7	amex	amex	PROPN
ajfa-9064	27	8	)	)	PUNCT
ajfa-9064	27	9	also	also	ADV
ajfa-9064	27	10	made	make	VERB
ajfa-9064	27	11	the	the	DET
ajfa-9064	27	12	same	same	ADJ
ajfa-9064	27	13	suggestion	suggestion	NOUN
ajfa-9064	27	14	to	to	ADP
ajfa-9064	27	15	all	all	DET
ajfa-9064	27	16	listed	list	VERB
ajfa-9064	27	17	firms	firm	NOUN
ajfa-9064	27	18	.	.	PUNCT
ajfa-9064	28	1	in	in	ADP
ajfa-9064	28	2	1987	1987	NUM
ajfa-9064	28	3	,	,	PUNCT
ajfa-9064	28	4	national	national	ADJ
ajfa-9064	28	5	association	association	PROPN
ajfa-9064	28	6	of	of	ADP
ajfa-9064	28	7	securities	security	NOUN
ajfa-9064	28	8	dealers	dealer	NOUN
ajfa-9064	28	9	automated	automate	VERB
ajfa-9064	28	10	quotations	quotation	NOUN
ajfa-9064	28	11	(	(	PUNCT
ajfa-9064	28	12	nasdaq	nasdaq	PROPN
ajfa-9064	28	13	)	)	PUNCT
ajfa-9064	28	14	passed	pass	VERB
ajfa-9064	28	15	a	a	DET
ajfa-9064	28	16	rule	rule	NOUN
ajfa-9064	28	17	that	that	PRON
ajfa-9064	28	18	requires	require	VERB
ajfa-9064	28	19	all	all	DET
ajfa-9064	28	20	listed	list	VERB
ajfa-9064	28	21	firms	firm	NOUN
ajfa-9064	28	22	to	to	PART
ajfa-9064	28	23	set	set	VERB
ajfa-9064	28	24	up	up	ADP
ajfa-9064	28	25	an	an	DET
ajfa-9064	28	26	audit	audit	NOUN
ajfa-9064	28	27	committee	committee	NOUN
ajfa-9064	28	28	composed	compose	VERB
ajfa-9064	28	29	mainly	mainly	ADV
ajfa-9064	28	30	of	of	ADP
ajfa-9064	28	31	independent	independent	ADJ
ajfa-9064	28	32	directors	director	NOUN
ajfa-9064	28	33	.	.	PUNCT
ajfa-9064	29	1	later	later	ADV
ajfa-9064	29	2	,	,	PUNCT
ajfa-9064	29	3	the	the	DET
ajfa-9064	29	4	audit	audit	NOUN
ajfa-9064	29	5	committee	committee	NOUN
ajfa-9064	29	6	system	system	NOUN
ajfa-9064	29	7	began	begin	VERB
ajfa-9064	29	8	increasingly	increasingly	ADV
ajfa-9064	29	9	prevalent	prevalent	ADJ
ajfa-9064	29	10	across	across	ADP
ajfa-9064	29	11	the	the	DET
ajfa-9064	29	12	capital	capital	NOUN
ajfa-9064	29	13	markets	market	NOUN
ajfa-9064	29	14	in	in	ADP
ajfa-9064	29	15	the	the	DET
ajfa-9064	29	16	us	us	PROPN
ajfa-9064	29	17	.	.	PUNCT
ajfa-9064	30	1	the	the	DET
ajfa-9064	30	2	corporate	corporate	ADJ
ajfa-9064	30	3	governance	governance	NOUN
ajfa-9064	30	4	environment	environment	NOUN
ajfa-9064	30	5	in	in	ADP
ajfa-9064	30	6	the	the	DET
ajfa-9064	30	7	us	us	PROPN
ajfa-9064	30	8	has	have	AUX
ajfa-9064	30	9	evolved	evolve	VERB
ajfa-9064	30	10	to	to	ADP
ajfa-9064	30	11	a	a	DET
ajfa-9064	30	12	very	very	ADV
ajfa-9064	30	13	mature	mature	ADJ
ajfa-9064	30	14	level	level	NOUN
ajfa-9064	30	15	.	.	PUNCT
ajfa-9064	31	1	effective	effective	ADJ
ajfa-9064	31	2	corporate	corporate	ADJ
ajfa-9064	31	3	governance	governance	NOUN
ajfa-9064	31	4	is	be	AUX
ajfa-9064	31	5	contributive	contributive	ADJ
ajfa-9064	31	6	to	to	ADP
ajfa-9064	31	7	higher	high	ADJ
ajfa-9064	31	8	firm	firm	ADJ
ajfa-9064	31	9	performance	performance	NOUN
ajfa-9064	31	10	,	,	PUNCT
ajfa-9064	31	11	lower	low	ADJ
ajfa-9064	31	12	managerial	managerial	ADJ
ajfa-9064	31	13	risk	risk	NOUN
ajfa-9064	31	14	,	,	PUNCT
ajfa-9064	31	15	and	and	CCONJ
ajfa-9064	31	16	better	well	ADJ
ajfa-9064	31	17	firmtransparency1	firmtransparency1	PROPN
ajfa-9064	31	18	.	.	PUNCT
ajfa-9064	32	1	it	it	PRON
ajfa-9064	32	2	is	be	AUX
ajfa-9064	32	3	prescribed	prescribe	VERB
ajfa-9064	32	4	in	in	ADP
ajfa-9064	32	5	the	the	DET
ajfa-9064	32	6	2006	2006	NUM
ajfa-9064	32	7	amendment	amendment	NOUN
ajfa-9064	32	8	to	to	ADP
ajfa-9064	32	9	taiwan	taiwan	PROPN
ajfa-9064	32	10	’s	’s	PART
ajfa-9064	32	11	securities	securities	PROPN
ajfa-9064	32	12	and	and	CCONJ
ajfa-9064	32	13	exchange	exchange	PROPN
ajfa-9064	32	14	act	act	NOUN
ajfa-9064	32	15	that	that	PRON
ajfa-9064	32	16	all	all	DET
ajfa-9064	32	17	listed	list	VERB
ajfa-9064	32	18	firms	firm	NOUN
ajfa-9064	32	19	are	be	AUX
ajfa-9064	32	20	required	require	VERB
ajfa-9064	32	21	to	to	PART
ajfa-9064	32	22	adopt	adopt	VERB
ajfa-9064	32	23	either	either	CCONJ
ajfa-9064	32	24	the	the	DET
ajfa-9064	32	25	existing	exist	VERB
ajfa-9064	32	26	dual	dual	ADJ
ajfa-9064	32	27	-	-	PUNCT
ajfa-9064	32	28	track	track	NOUN
ajfa-9064	32	29	oversight	oversight	NOUN
ajfa-9064	32	30	system	system	NOUN
ajfa-9064	32	31	where	where	SCONJ
ajfa-9064	32	32	both	both	DET
ajfa-9064	32	33	directors	director	NOUN
ajfa-9064	32	34	and	and	CCONJ
ajfa-9064	32	35	supervisors	supervisor	NOUN
ajfa-9064	32	36	are	be	AUX
ajfa-9064	32	37	needed	need	VERB
ajfa-9064	32	38	or	or	CCONJ
ajfa-9064	32	39	the	the	DET
ajfa-9064	32	40	single	single	ADJ
ajfa-9064	32	41	-	-	PUNCT
ajfa-9064	32	42	track	track	NOUN
ajfa-9064	32	43	oversight	oversight	NOUN
ajfa-9064	32	44	system	system	NOUN
ajfa-9064	32	45	where	where	SCONJ
ajfa-9064	32	46	an	an	DET
ajfa-9064	32	47	audit	audit	NOUN
ajfa-9064	32	48	committee	committee	NOUN
ajfa-9064	32	49	is	be	AUX
ajfa-9064	32	50	established	establish	VERB
ajfa-9064	32	51	.	.	PUNCT
ajfa-9064	33	1	firms	firm	NOUN
ajfa-9064	33	2	which	which	PRON
ajfa-9064	33	3	adopt	adopt	VERB
ajfa-9064	33	4	the	the	DET
ajfa-9064	33	5	latter	latter	ADJ
ajfa-9064	33	6	system	system	NOUN
ajfa-9064	33	7	are	be	AUX
ajfa-9064	33	8	not	not	PART
ajfa-9064	33	9	required	require	VERB
ajfa-9064	33	10	to	to	PART
ajfa-9064	33	11	appoint	appoint	VERB
ajfa-9064	33	12	supervisors	supervisor	NOUN
ajfa-9064	33	13	according	accord	VERB
ajfa-9064	33	14	to	to	ADP
ajfa-9064	33	15	the	the	DET
ajfa-9064	33	16	company	company	NOUN
ajfa-9064	33	17	act	act	NOUN
ajfa-9064	33	18	(	(	PUNCT
ajfa-9064	33	19	article	article	NOUN
ajfa-9064	33	20	14	14	NUM
ajfa-9064	33	21	-	-	SYM
ajfa-9064	33	22	4	4	NUM
ajfa-9064	33	23	of	of	ADP
ajfa-9064	33	24	the	the	DET
ajfa-9064	33	25	securities	securities	PROPN
ajfa-9064	33	26	and	and	CCONJ
ajfa-9064	33	27	exchange	exchange	PROPN
ajfa-9064	33	28	act	act	PROPN
ajfa-9064	33	29	)	)	PUNCT
ajfa-9064	33	30	.	.	PUNCT
ajfa-9064	34	1	however	however	ADV
ajfa-9064	34	2	,	,	PUNCT
ajfa-9064	34	3	whether	whether	SCONJ
ajfa-9064	34	4	this	this	DET
ajfa-9064	34	5	system	system	NOUN
ajfa-9064	34	6	suits	suit	VERB
ajfa-9064	34	7	the	the	DET
ajfa-9064	34	8	financial	financial	ADJ
ajfa-9064	34	9	environment	environment	NOUN
ajfa-9064	34	10	and	and	CCONJ
ajfa-9064	34	11	development	development	NOUN
ajfa-9064	34	12	of	of	ADP
ajfa-9064	34	13	corporate	corporate	ADJ
ajfa-9064	34	14	governance	governance	NOUN
ajfa-9064	34	15	in	in	ADP
ajfa-9064	34	16	taiwan	taiwan	PROPN
ajfa-9064	34	17	and	and	CCONJ
ajfa-9064	34	18	how	how	SCONJ
ajfa-9064	34	19	implementation	implementation	NOUN
ajfa-9064	34	20	of	of	ADP
ajfa-9064	34	21	this	this	DET
ajfa-9064	34	22	system	system	NOUN
ajfa-9064	34	23	will	will	AUX
ajfa-9064	34	24	affect	affect	VERB
ajfa-9064	34	25	corporate	corporate	ADJ
ajfa-9064	34	26	governance	governance	NOUN
ajfa-9064	34	27	of	of	ADP
ajfa-9064	34	28	local	local	ADJ
ajfa-9064	34	29	firms	firm	NOUN
ajfa-9064	34	30	is	be	AUX
ajfa-9064	34	31	an	an	DET
ajfa-9064	34	32	issue	issue	NOUN
ajfa-9064	34	33	worthy	worthy	ADJ
ajfa-9064	34	34	of	of	ADP
ajfa-9064	34	35	long	long	ADJ
ajfa-9064	34	36	-	-	PUNCT
ajfa-9064	34	37	term	term	NOUN
ajfa-9064	34	38	observation	observation	NOUN
ajfa-9064	34	39	and	and	CCONJ
ajfa-9064	34	40	research	research	NOUN
ajfa-9064	34	41	.	.	PUNCT
ajfa-9064	35	1	previous	previous	ADJ
ajfa-9064	35	2	research	research	NOUN
ajfa-9064	35	3	of	of	ADP
ajfa-9064	35	4	the	the	DET
ajfa-9064	35	5	impact	impact	NOUN
ajfa-9064	35	6	of	of	ADP
ajfa-9064	35	7	audit	audit	NOUN
ajfa-9064	35	8	committees	committee	NOUN
ajfa-9064	35	9	focuses	focus	VERB
ajfa-9064	35	10	mainly	mainly	ADV
ajfa-9064	35	11	on	on	ADP
ajfa-9064	35	12	improvement	improvement	NOUN
ajfa-9064	35	13	in	in	ADP
ajfa-9064	35	14	various	various	ADJ
ajfa-9064	35	15	dimensions	dimension	NOUN
ajfa-9064	35	16	from	from	ADP
ajfa-9064	35	17	the	the	DET
ajfa-9064	35	18	perspective	perspective	NOUN
ajfa-9064	35	19	of	of	ADP
ajfa-9064	35	20	earnings	earning	NOUN
ajfa-9064	35	21	management	management	NOUN
ajfa-9064	35	22	,	,	PUNCT
ajfa-9064	35	23	financial	financial	ADJ
ajfa-9064	35	24	restatements	restatement	NOUN
ajfa-9064	35	25	,	,	PUNCT
ajfa-9064	35	26	firm	firm	ADJ
ajfa-9064	35	27	operation	operation	NOUN
ajfa-9064	35	28	,	,	PUNCT
ajfa-9064	35	29	and	and	CCONJ
ajfa-9064	35	30	information	information	NOUN
ajfa-9064	35	31	transparency	transparency	NOUN
ajfa-9064	35	32	.	.	PUNCT
ajfa-9064	36	1	abbott	abbott	PROPN
ajfa-9064	36	2	and	and	CCONJ
ajfa-9064	36	3	parker	parker	PROPN
ajfa-9064	36	4	(	(	PUNCT
ajfa-9064	36	5	2000	2000	NUM
ajfa-9064	36	6	)	)	PUNCT
ajfa-9064	36	7	find	find	VERB
ajfa-9064	36	8	that	that	SCONJ
ajfa-9064	36	9	the	the	DET
ajfa-9064	36	10	asian	asian	ADJ
ajfa-9064	36	11	journal	journal	NOUN
ajfa-9064	36	12	of	of	ADP
ajfa-9064	36	13	finance	finance	PROPN
ajfa-9064	36	14	&	&	CCONJ
ajfa-9064	36	15	accounting	accounting	PROPN
ajfa-9064	36	16	issn	issn	PROPN
ajfa-9064	36	17	1946	1946	NUM
ajfa-9064	36	18	-	-	PUNCT
ajfa-9064	36	19	052x	052x	PROPN
ajfa-9064	36	20	2016	2016	NUM
ajfa-9064	36	21	,	,	PUNCT
ajfa-9064	36	22	vol	vol	NOUN
ajfa-9064	36	23	.	.	PROPN
ajfa-9064	36	24	8	8	NUM
ajfa-9064	36	25	,	,	PUNCT
ajfa-9064	36	26	no	no	INTJ
ajfa-9064	36	27	.	.	NOUN
ajfa-9064	36	28	1	1	NUM
ajfa-9064	36	29	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9064	36	30	103	103	NUM
ajfa-9064	36	31	independence	independence	NOUN
ajfa-9064	36	32	of	of	ADP
ajfa-9064	36	33	audit	audit	NOUN
ajfa-9064	36	34	committees	committee	NOUN
ajfa-9064	36	35	and	and	CCONJ
ajfa-9064	36	36	the	the	DET
ajfa-9064	36	37	frequency	frequency	NOUN
ajfa-9064	36	38	of	of	ADP
ajfa-9064	36	39	meeting	meeting	NOUN
ajfa-9064	36	40	of	of	ADP
ajfa-9064	36	41	committee	committee	NOUN
ajfa-9064	36	42	members	member	NOUN
ajfa-9064	36	43	are	be	AUX
ajfa-9064	36	44	negatively	negatively	ADV
ajfa-9064	36	45	related	relate	VERB
ajfa-9064	36	46	to	to	PART
ajfa-9064	36	47	restatement	restatement	NOUN
ajfa-9064	36	48	of	of	ADP
ajfa-9064	36	49	financial	financial	ADJ
ajfa-9064	36	50	statements	statement	NOUN
ajfa-9064	36	51	.	.	PUNCT
ajfa-9064	37	1	felo	felo	ADV
ajfa-9064	37	2	et	et	PROPN
ajfa-9064	37	3	al	al	PROPN
ajfa-9064	37	4	.	.	PROPN
ajfa-9064	38	1	(	(	PUNCT
ajfa-9064	38	2	2003	2003	NUM
ajfa-9064	38	3	)	)	PUNCT
ajfa-9064	38	4	show	show	VERB
ajfa-9064	38	5	that	that	SCONJ
ajfa-9064	38	6	having	have	VERB
ajfa-9064	38	7	more	more	ADJ
ajfa-9064	38	8	experts	expert	NOUN
ajfa-9064	38	9	with	with	ADP
ajfa-9064	38	10	an	an	DET
ajfa-9064	38	11	accounting	accounting	NOUN
ajfa-9064	38	12	or	or	CCONJ
ajfa-9064	38	13	financial	financial	ADJ
ajfa-9064	38	14	background	background	NOUN
ajfa-9064	38	15	in	in	ADP
ajfa-9064	38	16	the	the	DET
ajfa-9064	38	17	audit	audit	NOUN
ajfa-9064	38	18	committee	committee	NOUN
ajfa-9064	38	19	may	may	AUX
ajfa-9064	38	20	be	be	AUX
ajfa-9064	38	21	beneficial	beneficial	ADJ
ajfa-9064	38	22	to	to	ADP
ajfa-9064	38	23	the	the	DET
ajfa-9064	38	24	quality	quality	NOUN
ajfa-9064	38	25	of	of	ADP
ajfa-9064	38	26	financial	financial	ADJ
ajfa-9064	38	27	reporting	reporting	NOUN
ajfa-9064	38	28	.	.	PUNCT
ajfa-9064	39	1	the	the	DET
ajfa-9064	39	2	evidence	evidence	NOUN
ajfa-9064	39	3	in	in	ADP
ajfa-9064	39	4	hsu	hsu	PROPN
ajfa-9064	39	5	(	(	PUNCT
ajfa-9064	39	6	2014	2014	NUM
ajfa-9064	39	7	)	)	PUNCT
ajfa-9064	39	8	suggests	suggest	VERB
ajfa-9064	39	9	that	that	SCONJ
ajfa-9064	39	10	the	the	DET
ajfa-9064	39	11	presence	presence	NOUN
ajfa-9064	39	12	of	of	ADP
ajfa-9064	39	13	an	an	DET
ajfa-9064	39	14	audit	audit	NOUN
ajfa-9064	39	15	committee	committee	NOUN
ajfa-9064	39	16	can	can	AUX
ajfa-9064	39	17	lead	lead	VERB
ajfa-9064	39	18	to	to	ADP
ajfa-9064	39	19	a	a	DET
ajfa-9064	39	20	significant	significant	ADJ
ajfa-9064	39	21	improvement	improvement	NOUN
ajfa-9064	39	22	in	in	ADP
ajfa-9064	39	23	earnings	earning	NOUN
ajfa-9064	39	24	quality	quality	NOUN
ajfa-9064	39	25	.	.	PUNCT
ajfa-9064	40	1	the	the	DET
ajfa-9064	40	2	quality	quality	NOUN
ajfa-9064	40	3	of	of	ADP
ajfa-9064	40	4	working	work	VERB
ajfa-9064	40	5	capital	capital	NOUN
ajfa-9064	40	6	management	management	NOUN
ajfa-9064	40	7	is	be	AUX
ajfa-9064	40	8	critical	critical	ADJ
ajfa-9064	40	9	to	to	ADP
ajfa-9064	40	10	a	a	DET
ajfa-9064	40	11	firm	firm	NOUN
ajfa-9064	40	12	’s	’s	PART
ajfa-9064	40	13	performance	performance	NOUN
ajfa-9064	40	14	.	.	PUNCT
ajfa-9064	41	1	cash	cash	NOUN
ajfa-9064	41	2	is	be	AUX
ajfa-9064	41	3	a	a	DET
ajfa-9064	41	4	type	type	NOUN
ajfa-9064	41	5	of	of	ADP
ajfa-9064	41	6	asset	asset	NOUN
ajfa-9064	41	7	that	that	PRON
ajfa-9064	41	8	is	be	AUX
ajfa-9064	41	9	easiest	easy	ADJ
ajfa-9064	41	10	to	to	PART
ajfa-9064	41	11	acquire	acquire	VERB
ajfa-9064	41	12	and	and	CCONJ
ajfa-9064	41	13	control	control	VERB
ajfa-9064	41	14	for	for	ADP
ajfa-9064	41	15	firm	firm	ADJ
ajfa-9064	41	16	managers	manager	NOUN
ajfa-9064	41	17	.	.	PUNCT
ajfa-9064	42	1	in	in	ADP
ajfa-9064	42	2	this	this	DET
ajfa-9064	42	3	paper	paper	NOUN
ajfa-9064	42	4	,	,	PUNCT
ajfa-9064	42	5	we	we	PRON
ajfa-9064	42	6	attempt	attempt	VERB
ajfa-9064	42	7	to	to	PART
ajfa-9064	42	8	explore	explore	VERB
ajfa-9064	42	9	how	how	SCONJ
ajfa-9064	42	10	the	the	DET
ajfa-9064	42	11	audit	audit	NOUN
ajfa-9064	42	12	committee	committee	NOUN
ajfa-9064	42	13	is	be	AUX
ajfa-9064	42	14	related	relate	VERB
ajfa-9064	42	15	to	to	ADP
ajfa-9064	42	16	the	the	DET
ajfa-9064	42	17	value	value	NOUN
ajfa-9064	42	18	of	of	ADP
ajfa-9064	42	19	cash	cash	NOUN
ajfa-9064	42	20	holdings	holding	NOUN
ajfa-9064	42	21	and	and	CCONJ
ajfa-9064	42	22	further	far	ADV
ajfa-9064	42	23	examine	examine	VERB
ajfa-9064	42	24	if	if	SCONJ
ajfa-9064	42	25	the	the	DET
ajfa-9064	42	26	audit	audit	NOUN
ajfa-9064	42	27	committee	committee	NOUN
ajfa-9064	42	28	can	can	AUX
ajfa-9064	42	29	exert	exert	VERB
ajfa-9064	42	30	its	its	PRON
ajfa-9064	42	31	oversight	oversight	NOUN
ajfa-9064	42	32	functions	function	NOUN
ajfa-9064	42	33	to	to	PART
ajfa-9064	42	34	reduce	reduce	VERB
ajfa-9064	42	35	agency	agency	NOUN
ajfa-9064	42	36	cost	cost	NOUN
ajfa-9064	42	37	incurred	incur	VERB
ajfa-9064	42	38	by	by	ADP
ajfa-9064	42	39	self	self	NOUN
ajfa-9064	42	40	-	-	PUNCT
ajfa-9064	42	41	serving	serve	VERB
ajfa-9064	42	42	behavior	behavior	NOUN
ajfa-9064	42	43	of	of	ADP
ajfa-9064	42	44	managers	manager	NOUN
ajfa-9064	42	45	.	.	PUNCT
ajfa-9064	43	1	drawing	draw	VERB
ajfa-9064	43	2	upon	upon	SCONJ
ajfa-9064	43	3	a	a	DET
ajfa-9064	43	4	sample	sample	NOUN
ajfa-9064	43	5	of	of	ADP
ajfa-9064	43	6	firms	firm	NOUN
ajfa-9064	43	7	which	which	PRON
ajfa-9064	43	8	had	have	AUX
ajfa-9064	43	9	established	establish	VERB
ajfa-9064	43	10	an	an	DET
ajfa-9064	43	11	audit	audit	NOUN
ajfa-9064	43	12	committee	committee	NOUN
ajfa-9064	43	13	during	during	ADP
ajfa-9064	43	14	2007	2007	NUM
ajfa-9064	43	15	-	-	SYM
ajfa-9064	43	16	2010	2010	NUM
ajfa-9064	43	17	and	and	CCONJ
ajfa-9064	43	18	the	the	DET
ajfa-9064	43	19	value	value	NOUN
ajfa-9064	43	20	of	of	ADP
ajfa-9064	43	21	cash	cash	NOUN
ajfa-9064	43	22	holdings	holding	NOUN
ajfa-9064	43	23	model	model	NOUN
ajfa-9064	43	24	developed	develop	VERB
ajfa-9064	43	25	by	by	ADP
ajfa-9064	43	26	faulkender	faulkender	NOUN
ajfa-9064	43	27	and	and	CCONJ
ajfa-9064	43	28	wang	wang	PROPN
ajfa-9064	43	29	(	(	PUNCT
ajfa-9064	43	30	2006	2006	NUM
ajfa-9064	43	31	)	)	PUNCT
ajfa-9064	43	32	,	,	PUNCT
ajfa-9064	43	33	we	we	PRON
ajfa-9064	43	34	will	will	AUX
ajfa-9064	43	35	perform	perform	VERB
ajfa-9064	43	36	a	a	DET
ajfa-9064	43	37	difference	difference	NOUN
ajfa-9064	43	38	-	-	PUNCT
ajfa-9064	43	39	in	in	ADP
ajfa-9064	43	40	-	-	PUNCT
ajfa-9064	43	41	differences	difference	NOUN
ajfa-9064	43	42	analysis	analysis	NOUN
ajfa-9064	43	43	to	to	PART
ajfa-9064	43	44	investigate	investigate	VERB
ajfa-9064	43	45	whether	whether	SCONJ
ajfa-9064	43	46	establishment	establishment	NOUN
ajfa-9064	43	47	of	of	ADP
ajfa-9064	43	48	an	an	DET
ajfa-9064	43	49	audit	audit	NOUN
ajfa-9064	43	50	committee	committee	NOUN
ajfa-9064	43	51	can	can	AUX
ajfa-9064	43	52	result	result	VERB
ajfa-9064	43	53	in	in	ADP
ajfa-9064	43	54	higher	high	ADJ
ajfa-9064	43	55	marginal	marginal	ADJ
ajfa-9064	43	56	value	value	NOUN
ajfa-9064	43	57	of	of	ADP
ajfa-9064	43	58	cash	cash	NOUN
ajfa-9064	43	59	holdings	holding	NOUN
ajfa-9064	43	60	.	.	PUNCT
ajfa-9064	44	1	in	in	ADP
ajfa-9064	44	2	this	this	DET
ajfa-9064	44	3	analysis	analysis	NOUN
ajfa-9064	44	4	,	,	PUNCT
ajfa-9064	44	5	differences	difference	NOUN
ajfa-9064	44	6	between	between	ADP
ajfa-9064	44	7	firms	firm	NOUN
ajfa-9064	44	8	with	with	ADP
ajfa-9064	44	9	and	and	CCONJ
ajfa-9064	44	10	without	without	ADP
ajfa-9064	44	11	an	an	DET
ajfa-9064	44	12	audit	audit	NOUN
ajfa-9064	44	13	committee	committee	NOUN
ajfa-9064	44	14	as	as	ADV
ajfa-9064	44	15	well	well	ADV
ajfa-9064	44	16	as	as	ADP
ajfa-9064	44	17	differences	difference	NOUN
ajfa-9064	44	18	before	before	ADV
ajfa-9064	44	19	and	and	CCONJ
ajfa-9064	44	20	after	after	ADP
ajfa-9064	44	21	establishment	establishment	NOUN
ajfa-9064	44	22	of	of	ADP
ajfa-9064	44	23	an	an	DET
ajfa-9064	44	24	audit	audit	NOUN
ajfa-9064	44	25	committee	committee	NOUN
ajfa-9064	44	26	will	will	AUX
ajfa-9064	44	27	be	be	AUX
ajfa-9064	44	28	examined	examine	VERB
ajfa-9064	44	29	.	.	PUNCT
ajfa-9064	45	1	in	in	ADP
ajfa-9064	45	2	contrast	contrast	NOUN
ajfa-9064	45	3	to	to	ADP
ajfa-9064	45	4	previous	previous	ADJ
ajfa-9064	45	5	research	research	NOUN
ajfa-9064	45	6	that	that	PRON
ajfa-9064	45	7	focuses	focus	VERB
ajfa-9064	45	8	primarily	primarily	ADV
ajfa-9064	45	9	on	on	ADP
ajfa-9064	45	10	the	the	DET
ajfa-9064	45	11	accounting	accounting	NOUN
ajfa-9064	45	12	and	and	CCONJ
ajfa-9064	45	13	financial	financial	ADJ
ajfa-9064	45	14	aspects	aspect	NOUN
ajfa-9064	45	15	,	,	PUNCT
ajfa-9064	45	16	we	we	PRON
ajfa-9064	45	17	will	will	AUX
ajfa-9064	45	18	discuss	discuss	VERB
ajfa-9064	45	19	whether	whether	SCONJ
ajfa-9064	45	20	establishment	establishment	NOUN
ajfa-9064	45	21	of	of	ADP
ajfa-9064	45	22	an	an	DET
ajfa-9064	45	23	audit	audit	NOUN
ajfa-9064	45	24	committee	committee	NOUN
ajfa-9064	45	25	can	can	AUX
ajfa-9064	45	26	reduce	reduce	VERB
ajfa-9064	45	27	agency	agency	NOUN
ajfa-9064	45	28	cost	cost	NOUN
ajfa-9064	45	29	and	and	CCONJ
ajfa-9064	45	30	explore	explore	VERB
ajfa-9064	45	31	the	the	DET
ajfa-9064	45	32	effects	effect	NOUN
ajfa-9064	45	33	in	in	ADP
ajfa-9064	45	34	broader	broad	ADJ
ajfa-9064	45	35	aspects	aspect	NOUN
ajfa-9064	45	36	from	from	ADP
ajfa-9064	45	37	the	the	DET
ajfa-9064	45	38	corporate	corporate	ADJ
ajfa-9064	45	39	governance	governance	NOUN
ajfa-9064	45	40	perspective	perspective	NOUN
ajfa-9064	45	41	.	.	PUNCT
ajfa-9064	46	1	our	our	PRON
ajfa-9064	46	2	empirical	empirical	ADJ
ajfa-9064	46	3	evidence	evidence	NOUN
ajfa-9064	46	4	suggests	suggest	VERB
ajfa-9064	46	5	that	that	SCONJ
ajfa-9064	46	6	overall	overall	ADJ
ajfa-9064	46	7	,	,	PUNCT
ajfa-9064	46	8	publicly	publicly	ADV
ajfa-9064	46	9	listed	list	VERB
ajfa-9064	46	10	firms	firm	NOUN
ajfa-9064	46	11	do	do	AUX
ajfa-9064	46	12	not	not	PART
ajfa-9064	46	13	have	have	VERB
ajfa-9064	46	14	a	a	DET
ajfa-9064	46	15	significant	significant	ADJ
ajfa-9064	46	16	improvement	improvement	NOUN
ajfa-9064	46	17	in	in	ADP
ajfa-9064	46	18	use	use	NOUN
ajfa-9064	46	19	efficiency	efficiency	NOUN
ajfa-9064	46	20	of	of	ADP
ajfa-9064	46	21	cash	cash	NOUN
ajfa-9064	46	22	holdings	holding	NOUN
ajfa-9064	46	23	after	after	ADP
ajfa-9064	46	24	setting	set	VERB
ajfa-9064	46	25	up	up	ADP
ajfa-9064	46	26	an	an	DET
ajfa-9064	46	27	audit	audit	NOUN
ajfa-9064	46	28	committee	committee	NOUN
ajfa-9064	46	29	.	.	PUNCT
ajfa-9064	47	1	in	in	ADP
ajfa-9064	47	2	taiwan	taiwan	PROPN
ajfa-9064	47	3	,	,	PUNCT
ajfa-9064	47	4	firms	firm	NOUN
ajfa-9064	47	5	apply	apply	VERB
ajfa-9064	47	6	to	to	PART
ajfa-9064	47	7	go	go	VERB
ajfa-9064	47	8	public	public	ADJ
ajfa-9064	47	9	in	in	ADP
ajfa-9064	47	10	either	either	CCONJ
ajfa-9064	47	11	the	the	DET
ajfa-9064	47	12	taiwan	taiwan	PROPN
ajfa-9064	47	13	stock	stock	PROPN
ajfa-9064	47	14	exchange	exchange	PROPN
ajfa-9064	47	15	(	(	PUNCT
ajfa-9064	47	16	tse	tse	PROPN
ajfa-9064	47	17	)	)	PUNCT
ajfa-9064	47	18	or	or	CCONJ
ajfa-9064	47	19	the	the	DET
ajfa-9064	47	20	over	over	ADP
ajfa-9064	47	21	-	-	PUNCT
ajfa-9064	47	22	the	the	DET
ajfa-9064	47	23	-	-	PUNCT
ajfa-9064	47	24	counter	counter	NOUN
ajfa-9064	47	25	(	(	PUNCT
ajfa-9064	47	26	otc	otc	ADJ
ajfa-9064	47	27	)	)	PUNCT
ajfa-9064	47	28	market	market	NOUN
ajfa-9064	47	29	.	.	PUNCT
ajfa-9064	48	1	the	the	DET
ajfa-9064	48	2	amount	amount	NOUN
ajfa-9064	48	3	of	of	ADP
ajfa-9064	48	4	capital	capital	NOUN
ajfa-9064	48	5	is	be	AUX
ajfa-9064	48	6	the	the	DET
ajfa-9064	48	7	main	main	ADJ
ajfa-9064	48	8	differentiator	differentiator	NOUN
ajfa-9064	48	9	between	between	ADP
ajfa-9064	48	10	tse	tse	PROPN
ajfa-9064	48	11	-	-	PUNCT
ajfa-9064	48	12	listed	list	VERB
ajfa-9064	48	13	firms	firm	NOUN
ajfa-9064	48	14	and	and	CCONJ
ajfa-9064	48	15	otc	otc	PROPN
ajfa-9064	48	16	-	-	PUNCT
ajfa-9064	48	17	listed	list	VERB
ajfa-9064	48	18	firms	firm	NOUN
ajfa-9064	48	19	.	.	PUNCT
ajfa-9064	49	1	however	however	ADV
ajfa-9064	49	2	,	,	PUNCT
ajfa-9064	49	3	in	in	ADP
ajfa-9064	49	4	addition	addition	NOUN
ajfa-9064	49	5	to	to	ADP
ajfa-9064	49	6	the	the	DET
ajfa-9064	49	7	amount	amount	NOUN
ajfa-9064	49	8	of	of	ADP
ajfa-9064	49	9	capital	capital	NOUN
ajfa-9064	49	10	,	,	PUNCT
ajfa-9064	49	11	tse	tse	NOUN
ajfa-9064	49	12	-	-	PUNCT
ajfa-9064	49	13	listed	list	VERB
ajfa-9064	49	14	firms	firm	NOUN
ajfa-9064	49	15	and	and	CCONJ
ajfa-9064	49	16	otc	otc	PROPN
ajfa-9064	49	17	-	-	PUNCT
ajfa-9064	49	18	listed	list	VERB
ajfa-9064	49	19	firms	firm	NOUN
ajfa-9064	49	20	also	also	ADV
ajfa-9064	49	21	differ	differ	VERB
ajfa-9064	49	22	greatly	greatly	ADV
ajfa-9064	49	23	in	in	ADP
ajfa-9064	49	24	firm	firm	ADJ
ajfa-9064	49	25	size	size	NOUN
ajfa-9064	49	26	,	,	PUNCT
ajfa-9064	49	27	ratio	ratio	NOUN
ajfa-9064	49	28	of	of	ADP
ajfa-9064	49	29	institutional	institutional	ADJ
ajfa-9064	49	30	investors	investor	NOUN
ajfa-9064	49	31	,	,	PUNCT
ajfa-9064	49	32	and	and	CCONJ
ajfa-9064	49	33	stock	stock	NOUN
ajfa-9064	49	34	liquidity	liquidity	NOUN
ajfa-9064	49	35	.	.	PUNCT
ajfa-9064	50	1	therefore	therefore	ADV
ajfa-9064	50	2	,	,	PUNCT
ajfa-9064	50	3	we	we	PRON
ajfa-9064	50	4	further	far	ADV
ajfa-9064	50	5	divide	divide	VERB
ajfa-9064	50	6	the	the	DET
ajfa-9064	50	7	sample	sample	NOUN
ajfa-9064	50	8	by	by	ADP
ajfa-9064	50	9	market	market	NOUN
ajfa-9064	50	10	into	into	ADP
ajfa-9064	50	11	the	the	DET
ajfa-9064	50	12	tse	tse	PROPN
ajfa-9064	50	13	-	-	PUNCT
ajfa-9064	50	14	listed	list	VERB
ajfa-9064	50	15	group	group	NOUN
ajfa-9064	50	16	and	and	CCONJ
ajfa-9064	50	17	the	the	DET
ajfa-9064	50	18	otc	otc	PROPN
ajfa-9064	50	19	-	-	PUNCT
ajfa-9064	50	20	listed	list	VERB
ajfa-9064	50	21	group	group	NOUN
ajfa-9064	50	22	for	for	ADP
ajfa-9064	50	23	further	further	ADJ
ajfa-9064	50	24	analysis	analysis	NOUN
ajfa-9064	50	25	.	.	PUNCT
ajfa-9064	51	1	our	our	PRON
ajfa-9064	51	2	finding	finding	NOUN
ajfa-9064	51	3	from	from	ADP
ajfa-9064	51	4	tse	tse	NOUN
ajfa-9064	51	5	-	-	PUNCT
ajfa-9064	51	6	listed	list	VERB
ajfa-9064	51	7	firms	firm	NOUN
ajfa-9064	51	8	shows	show	VERB
ajfa-9064	51	9	that	that	SCONJ
ajfa-9064	51	10	the	the	DET
ajfa-9064	51	11	value	value	NOUN
ajfa-9064	51	12	of	of	ADP
ajfa-9064	51	13	cash	cash	NOUN
ajfa-9064	51	14	holdings	holding	NOUN
ajfa-9064	51	15	increases	increase	NOUN
ajfa-9064	51	16	after	after	ADP
ajfa-9064	51	17	establishment	establishment	NOUN
ajfa-9064	51	18	of	of	ADP
ajfa-9064	51	19	an	an	DET
ajfa-9064	51	20	audit	audit	NOUN
ajfa-9064	51	21	committee	committee	NOUN
ajfa-9064	51	22	.	.	PUNCT
ajfa-9064	52	1	this	this	DET
ajfa-9064	52	2	finding	finding	NOUN
ajfa-9064	52	3	suggests	suggest	VERB
ajfa-9064	52	4	that	that	SCONJ
ajfa-9064	52	5	the	the	DET
ajfa-9064	52	6	audit	audit	NOUN
ajfa-9064	52	7	committee	committee	NOUN
ajfa-9064	52	8	can	can	AUX
ajfa-9064	52	9	effectively	effectively	ADV
ajfa-9064	52	10	exert	exert	VERB
ajfa-9064	52	11	its	its	PRON
ajfa-9064	52	12	oversight	oversight	NOUN
ajfa-9064	52	13	functions	function	NOUN
ajfa-9064	52	14	in	in	ADP
ajfa-9064	52	15	tse	tse	NOUN
ajfa-9064	52	16	-	-	PUNCT
ajfa-9064	52	17	listed	list	VERB
ajfa-9064	52	18	firms	firm	NOUN
ajfa-9064	52	19	.	.	PUNCT
ajfa-9064	53	1	our	our	PRON
ajfa-9064	53	2	finding	finding	NOUN
ajfa-9064	53	3	from	from	ADP
ajfa-9064	53	4	otc	otc	NOUN
ajfa-9064	53	5	-	-	PUNCT
ajfa-9064	53	6	listed	list	VERB
ajfa-9064	53	7	firms	firm	NOUN
ajfa-9064	53	8	shows	show	VERB
ajfa-9064	53	9	that	that	SCONJ
ajfa-9064	53	10	the	the	DET
ajfa-9064	53	11	value	value	NOUN
ajfa-9064	53	12	of	of	ADP
ajfa-9064	53	13	cash	cash	NOUN
ajfa-9064	53	14	holdings	holding	NOUN
ajfa-9064	53	15	declines	decline	VERB
ajfa-9064	53	16	after	after	ADP
ajfa-9064	53	17	establishment	establishment	NOUN
ajfa-9064	53	18	of	of	ADP
ajfa-9064	53	19	an	an	DET
ajfa-9064	53	20	audit	audit	NOUN
ajfa-9064	53	21	committee	committee	NOUN
ajfa-9064	53	22	.	.	PUNCT
ajfa-9064	54	1	this	this	DET
ajfa-9064	54	2	finding	finding	NOUN
ajfa-9064	54	3	implies	imply	VERB
ajfa-9064	54	4	that	that	SCONJ
ajfa-9064	54	5	firms	firm	NOUN
ajfa-9064	54	6	with	with	ADP
ajfa-9064	54	7	lower	low	ADJ
ajfa-9064	54	8	stock	stock	NOUN
ajfa-9064	54	9	liquidity	liquidity	NOUN
ajfa-9064	54	10	attract	attract	VERB
ajfa-9064	54	11	relatively	relatively	ADV
ajfa-9064	54	12	less	less	ADJ
ajfa-9064	54	13	attention	attention	NOUN
ajfa-9064	54	14	from	from	ADP
ajfa-9064	54	15	investors	investor	NOUN
ajfa-9064	54	16	,	,	PUNCT
ajfa-9064	54	17	and	and	CCONJ
ajfa-9064	54	18	their	their	PRON
ajfa-9064	54	19	managers	manager	NOUN
ajfa-9064	54	20	are	be	AUX
ajfa-9064	54	21	therefore	therefore	ADV
ajfa-9064	54	22	less	less	ADV
ajfa-9064	54	23	motivated	motivated	ADJ
ajfa-9064	54	24	to	to	PART
ajfa-9064	54	25	fairly	fairly	ADV
ajfa-9064	54	26	report	report	VERB
ajfa-9064	54	27	the	the	DET
ajfa-9064	54	28	firm	firm	NOUN
ajfa-9064	54	29	’s	’s	PART
ajfa-9064	54	30	financial	financial	ADJ
ajfa-9064	54	31	information	information	NOUN
ajfa-9064	54	32	to	to	PART
ajfa-9064	54	33	facilitate	facilitate	VERB
ajfa-9064	54	34	oversight	oversight	NOUN
ajfa-9064	54	35	by	by	ADP
ajfa-9064	54	36	shareholders	shareholder	NOUN
ajfa-9064	54	37	.	.	PUNCT
ajfa-9064	55	1	in	in	ADP
ajfa-9064	55	2	addition	addition	NOUN
ajfa-9064	55	3	,	,	PUNCT
ajfa-9064	55	4	these	these	DET
ajfa-9064	55	5	firms	firm	NOUN
ajfa-9064	55	6	are	be	AUX
ajfa-9064	55	7	smaller	small	ADJ
ajfa-9064	55	8	in	in	ADP
ajfa-9064	55	9	size	size	NOUN
ajfa-9064	55	10	,	,	PUNCT
ajfa-9064	55	11	so	so	CCONJ
ajfa-9064	55	12	the	the	DET
ajfa-9064	55	13	cost	cost	NOUN
ajfa-9064	55	14	of	of	ADP
ajfa-9064	55	15	complying	comply	VERB
ajfa-9064	55	16	with	with	ADP
ajfa-9064	55	17	the	the	DET
ajfa-9064	55	18	audit	audit	NOUN
ajfa-9064	55	19	committee	committee	NOUN
ajfa-9064	55	20	system	system	NOUN
ajfa-9064	55	21	is	be	AUX
ajfa-9064	55	22	higher	high	ADJ
ajfa-9064	55	23	for	for	ADP
ajfa-9064	55	24	them	they	PRON
ajfa-9064	55	25	.	.	PUNCT
ajfa-9064	56	1	as	as	ADP
ajfa-9064	56	2	a	a	DET
ajfa-9064	56	3	result	result	NOUN
ajfa-9064	56	4	,	,	PUNCT
ajfa-9064	56	5	for	for	ADP
ajfa-9064	56	6	otc	otc	NOUN
ajfa-9064	56	7	-	-	PUNCT
ajfa-9064	56	8	listed	list	VERB
ajfa-9064	56	9	firms	firm	NOUN
ajfa-9064	56	10	,	,	PUNCT
ajfa-9064	56	11	the	the	DET
ajfa-9064	56	12	adverse	adverse	ADJ
ajfa-9064	56	13	effects	effect	NOUN
ajfa-9064	56	14	of	of	ADP
ajfa-9064	56	15	setting	set	VERB
ajfa-9064	56	16	up	up	ADP
ajfa-9064	56	17	an	an	DET
ajfa-9064	56	18	audit	audit	NOUN
ajfa-9064	56	19	committee	committee	NOUN
ajfa-9064	56	20	often	often	ADV
ajfa-9064	56	21	come	come	VERB
ajfa-9064	56	22	before	before	ADP
ajfa-9064	56	23	the	the	DET
ajfa-9064	56	24	benefits	benefit	NOUN
ajfa-9064	56	25	of	of	ADP
ajfa-9064	56	26	doing	do	VERB
ajfa-9064	56	27	it	it	PRON
ajfa-9064	56	28	.	.	PUNCT
ajfa-9064	57	1	the	the	DET
ajfa-9064	57	2	remainder	remainder	NOUN
ajfa-9064	57	3	of	of	ADP
ajfa-9064	57	4	this	this	DET
ajfa-9064	57	5	paper	paper	NOUN
ajfa-9064	57	6	is	be	AUX
ajfa-9064	57	7	as	as	SCONJ
ajfa-9064	57	8	follows	follow	VERB
ajfa-9064	57	9	:	:	PUNCT
ajfa-9064	57	10	section	section	NOUN
ajfa-9064	57	11	2	2	NUM
ajfa-9064	57	12	reviews	review	NOUN
ajfa-9064	57	13	related	relate	VERB
ajfa-9064	57	14	literature	literature	NOUN
ajfa-9064	57	15	and	and	CCONJ
ajfa-9064	57	16	presents	present	NOUN
ajfa-9064	57	17	hypotheses	hypothesis	NOUN
ajfa-9064	57	18	.	.	PUNCT
ajfa-9064	58	1	section	section	NOUN
ajfa-9064	58	2	3	3	NUM
ajfa-9064	58	3	explains	explain	VERB
ajfa-9064	58	4	the	the	DET
ajfa-9064	58	5	methodology	methodology	NOUN
ajfa-9064	58	6	,	,	PUNCT
ajfa-9064	58	7	including	include	VERB
ajfa-9064	58	8	the	the	DET
ajfa-9064	58	9	empirical	empirical	ADJ
ajfa-9064	58	10	model	model	NOUN
ajfa-9064	58	11	,	,	PUNCT
ajfa-9064	58	12	variable	variable	ADJ
ajfa-9064	58	13	measurement	measurement	NOUN
ajfa-9064	58	14	,	,	PUNCT
ajfa-9064	58	15	and	and	CCONJ
ajfa-9064	58	16	sampling	sample	VERB
ajfa-9064	58	17	method	method	NOUN
ajfa-9064	58	18	.	.	PUNCT
ajfa-9064	59	1	section	section	NOUN
ajfa-9064	59	2	4	4	NUM
ajfa-9064	59	3	presents	present	VERB
ajfa-9064	59	4	the	the	DET
ajfa-9064	59	5	analysis	analysis	NOUN
ajfa-9064	59	6	results	result	NOUN
ajfa-9064	59	7	,	,	PUNCT
ajfa-9064	59	8	and	and	CCONJ
ajfa-9064	59	9	section	section	NOUN
ajfa-9064	59	10	5	5	NUM
ajfa-9064	59	11	concludes	conclude	VERB
ajfa-9064	59	12	findings	finding	NOUN
ajfa-9064	59	13	of	of	ADP
ajfa-9064	59	14	this	this	DET
ajfa-9064	59	15	paper	paper	NOUN
ajfa-9064	59	16	.	.	PUNCT
ajfa-9064	60	1	asian	asian	ADJ
ajfa-9064	60	2	journal	journal	PROPN
ajfa-9064	60	3	of	of	ADP
ajfa-9064	60	4	finance	finance	PROPN
ajfa-9064	60	5	&	&	CCONJ
ajfa-9064	60	6	accounting	accounting	PROPN
ajfa-9064	60	7	issn	issn	PROPN
ajfa-9064	60	8	1946	1946	NUM
ajfa-9064	60	9	-	-	PUNCT
ajfa-9064	60	10	052x	052x	PROPN
ajfa-9064	60	11	2016	2016	NUM
ajfa-9064	60	12	,	,	PUNCT
ajfa-9064	60	13	vol	vol	NOUN
ajfa-9064	60	14	.	.	PROPN
ajfa-9064	60	15	8	8	NUM
ajfa-9064	60	16	,	,	PUNCT
ajfa-9064	60	17	no	no	INTJ
ajfa-9064	60	18	.	.	NOUN
ajfa-9064	60	19	1	1	NUM
ajfa-9064	60	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9064	60	21	104	104	NUM
ajfa-9064	60	22	2	2	NUM
ajfa-9064	60	23	.	.	PUNCT
ajfa-9064	60	24	literature	literature	NOUN
ajfa-9064	60	25	review	review	PROPN
ajfa-9064	60	26	and	and	CCONJ
ajfa-9064	60	27	hypotheses	hypothese	VERB
ajfa-9064	60	28	development	development	NOUN
ajfa-9064	60	29	2.1	2.1	NUM
ajfa-9064	60	30	the	the	DET
ajfa-9064	60	31	benefits	benefit	NOUN
ajfa-9064	60	32	of	of	ADP
ajfa-9064	60	33	setting	set	VERB
ajfa-9064	60	34	up	up	ADP
ajfa-9064	60	35	an	an	DET
ajfa-9064	60	36	audit	audit	NOUN
ajfa-9064	60	37	committee	committee	NOUN
ajfa-9064	60	38	basically	basically	ADV
ajfa-9064	60	39	,	,	PUNCT
ajfa-9064	60	40	the	the	DET
ajfa-9064	60	41	primary	primary	ADJ
ajfa-9064	60	42	purpose	purpose	NOUN
ajfa-9064	60	43	of	of	ADP
ajfa-9064	60	44	an	an	DET
ajfa-9064	60	45	audit	audit	NOUN
ajfa-9064	60	46	committee	committee	NOUN
ajfa-9064	60	47	is	be	AUX
ajfa-9064	60	48	to	to	PART
ajfa-9064	60	49	provide	provide	VERB
ajfa-9064	60	50	oversight	oversight	NOUN
ajfa-9064	60	51	of	of	ADP
ajfa-9064	60	52	the	the	DET
ajfa-9064	60	53	financial	financial	ADJ
ajfa-9064	60	54	reporting	reporting	NOUN
ajfa-9064	60	55	process	process	NOUN
ajfa-9064	60	56	,	,	PUNCT
ajfa-9064	60	57	the	the	DET
ajfa-9064	60	58	self	self	NOUN
ajfa-9064	60	59	-	-	PUNCT
ajfa-9064	60	60	discipline	discipline	NOUN
ajfa-9064	60	61	,	,	PUNCT
ajfa-9064	60	62	and	and	CCONJ
ajfa-9064	60	63	the	the	DET
ajfa-9064	60	64	effectiveness	effectiveness	NOUN
ajfa-9064	60	65	of	of	ADP
ajfa-9064	60	66	internal	internal	ADJ
ajfa-9064	60	67	controls	control	NOUN
ajfa-9064	60	68	of	of	ADP
ajfa-9064	60	69	the	the	DET
ajfa-9064	60	70	firm	firm	NOUN
ajfa-9064	60	71	.	.	PUNCT
ajfa-9064	61	1	an	an	DET
ajfa-9064	61	2	audit	audit	NOUN
ajfa-9064	61	3	committee	committee	NOUN
ajfa-9064	61	4	is	be	AUX
ajfa-9064	61	5	mainly	mainly	ADV
ajfa-9064	61	6	composed	compose	VERB
ajfa-9064	61	7	of	of	ADP
ajfa-9064	61	8	independent	independent	ADJ
ajfa-9064	61	9	directors	director	NOUN
ajfa-9064	61	10	.	.	PUNCT
ajfa-9064	62	1	independence	independence	NOUN
ajfa-9064	62	2	is	be	AUX
ajfa-9064	62	3	vital	vital	ADJ
ajfa-9064	62	4	to	to	ADP
ajfa-9064	62	5	its	its	PRON
ajfa-9064	62	6	functions	function	NOUN
ajfa-9064	62	7	in	in	ADP
ajfa-9064	62	8	the	the	DET
ajfa-9064	62	9	firm	firm	NOUN
ajfa-9064	62	10	.	.	PUNCT
ajfa-9064	63	1	bedard	bedard	PROPN
ajfa-9064	63	2	et	et	PROPN
ajfa-9064	63	3	al	al	PROPN
ajfa-9064	63	4	.	.	PROPN
ajfa-9064	64	1	(	(	PUNCT
ajfa-9064	64	2	2004	2004	NUM
ajfa-9064	64	3	)	)	PUNCT
ajfa-9064	64	4	use	use	VERB
ajfa-9064	64	5	the	the	DET
ajfa-9064	64	6	ratio	ratio	NOUN
ajfa-9064	64	7	of	of	ADP
ajfa-9064	64	8	independent	independent	ADJ
ajfa-9064	64	9	directors	director	NOUN
ajfa-9064	64	10	in	in	ADP
ajfa-9064	64	11	the	the	DET
ajfa-9064	64	12	audit	audit	NOUN
ajfa-9064	64	13	committee	committee	NOUN
ajfa-9064	64	14	as	as	ADP
ajfa-9064	64	15	a	a	DET
ajfa-9064	64	16	measure	measure	NOUN
ajfa-9064	64	17	of	of	ADP
ajfa-9064	64	18	independence	independence	NOUN
ajfa-9064	64	19	of	of	ADP
ajfa-9064	64	20	the	the	DET
ajfa-9064	64	21	committee	committee	NOUN
ajfa-9064	64	22	and	and	CCONJ
ajfa-9064	64	23	find	find	VERB
ajfa-9064	64	24	a	a	DET
ajfa-9064	64	25	negative	negative	ADJ
ajfa-9064	64	26	relation	relation	NOUN
ajfa-9064	64	27	between	between	ADP
ajfa-9064	64	28	the	the	DET
ajfa-9064	64	29	ratio	ratio	NOUN
ajfa-9064	64	30	and	and	CCONJ
ajfa-9064	64	31	occurrence	occurrence	NOUN
ajfa-9064	64	32	of	of	ADP
ajfa-9064	64	33	restatement	restatement	NOUN
ajfa-9064	64	34	of	of	ADP
ajfa-9064	64	35	financial	financial	ADJ
ajfa-9064	64	36	statements	statement	NOUN
ajfa-9064	64	37	.	.	PUNCT
ajfa-9064	65	1	abbott	abbott	PROPN
ajfa-9064	65	2	et	et	PROPN
ajfa-9064	65	3	al	al	PROPN
ajfa-9064	65	4	.	.	PROPN
ajfa-9064	66	1	(	(	PUNCT
ajfa-9064	66	2	2003	2003	NUM
ajfa-9064	66	3	)	)	PUNCT
ajfa-9064	66	4	show	show	VERB
ajfa-9064	66	5	that	that	SCONJ
ajfa-9064	66	6	the	the	DET
ajfa-9064	66	7	independence	independence	NOUN
ajfa-9064	66	8	and	and	CCONJ
ajfa-9064	66	9	frequency	frequency	NOUN
ajfa-9064	66	10	of	of	ADP
ajfa-9064	66	11	meeting	meeting	NOUN
ajfa-9064	66	12	of	of	ADP
ajfa-9064	66	13	the	the	DET
ajfa-9064	66	14	audit	audit	NOUN
ajfa-9064	66	15	committee	committee	NOUN
ajfa-9064	66	16	are	be	AUX
ajfa-9064	66	17	negatively	negatively	ADV
ajfa-9064	66	18	related	relate	VERB
ajfa-9064	66	19	to	to	PART
ajfa-9064	66	20	restatement	restatement	NOUN
ajfa-9064	66	21	of	of	ADP
ajfa-9064	66	22	financial	financial	ADJ
ajfa-9064	66	23	statements	statement	NOUN
ajfa-9064	66	24	to	to	ADP
ajfa-9064	66	25	the	the	DET
ajfa-9064	66	26	level	level	NOUN
ajfa-9064	66	27	of	of	ADP
ajfa-9064	66	28	significance	significance	NOUN
ajfa-9064	66	29	.	.	PUNCT
ajfa-9064	67	1	the	the	DET
ajfa-9064	67	2	presence	presence	NOUN
ajfa-9064	67	3	of	of	ADP
ajfa-9064	67	4	an	an	DET
ajfa-9064	67	5	audit	audit	NOUN
ajfa-9064	67	6	committee	committee	NOUN
ajfa-9064	67	7	can	can	AUX
ajfa-9064	67	8	increase	increase	VERB
ajfa-9064	67	9	oversight	oversight	NOUN
ajfa-9064	67	10	of	of	ADP
ajfa-9064	67	11	financial	financial	ADJ
ajfa-9064	67	12	statements	statement	NOUN
ajfa-9064	67	13	,	,	PUNCT
ajfa-9064	67	14	leading	lead	VERB
ajfa-9064	67	15	to	to	ADP
ajfa-9064	67	16	higher	high	ADJ
ajfa-9064	67	17	accrual	accrual	ADJ
ajfa-9064	67	18	quality	quality	NOUN
ajfa-9064	67	19	and	and	CCONJ
ajfa-9064	67	20	less	less	ADJ
ajfa-9064	67	21	earnings	earning	NOUN
ajfa-9064	67	22	management	management	NOUN
ajfa-9064	67	23	.	.	PUNCT
ajfa-9064	68	1	hsu	hsu	PROPN
ajfa-9064	68	2	(	(	PUNCT
ajfa-9064	68	3	2014	2014	NUM
ajfa-9064	68	4	)	)	PUNCT
ajfa-9064	68	5	explores	explore	VERB
ajfa-9064	68	6	the	the	DET
ajfa-9064	68	7	improvement	improvement	NOUN
ajfa-9064	68	8	in	in	ADP
ajfa-9064	68	9	earnings	earning	NOUN
ajfa-9064	68	10	quality	quality	NOUN
ajfa-9064	68	11	among	among	ADP
ajfa-9064	68	12	firms	firm	NOUN
ajfa-9064	68	13	that	that	PRON
ajfa-9064	68	14	have	have	AUX
ajfa-9064	68	15	switched	switch	VERB
ajfa-9064	68	16	from	from	ADP
ajfa-9064	68	17	the	the	DET
ajfa-9064	68	18	supervisor	supervisor	NOUN
ajfa-9064	68	19	system	system	NOUN
ajfa-9064	68	20	to	to	ADP
ajfa-9064	68	21	the	the	DET
ajfa-9064	68	22	audit	audit	NOUN
ajfa-9064	68	23	committee	committee	NOUN
ajfa-9064	68	24	system	system	NOUN
ajfa-9064	68	25	.	.	PUNCT
ajfa-9064	69	1	it	it	PRON
ajfa-9064	69	2	is	be	AUX
ajfa-9064	69	3	empirically	empirically	ADV
ajfa-9064	69	4	found	find	VERB
ajfa-9064	69	5	that	that	SCONJ
ajfa-9064	69	6	firms	firm	NOUN
ajfa-9064	69	7	tend	tend	VERB
ajfa-9064	69	8	to	to	PART
ajfa-9064	69	9	have	have	AUX
ajfa-9064	69	10	improved	improve	VERB
ajfa-9064	69	11	earnings	earning	NOUN
ajfa-9064	69	12	quality	quality	NOUN
ajfa-9064	69	13	and	and	CCONJ
ajfa-9064	69	14	pay	pay	VERB
ajfa-9064	69	15	more	more	ADJ
ajfa-9064	69	16	attention	attention	NOUN
ajfa-9064	69	17	to	to	ADP
ajfa-9064	69	18	shareholder	shareholder	NOUN
ajfa-9064	69	19	equity	equity	NOUN
ajfa-9064	69	20	after	after	ADP
ajfa-9064	69	21	adopting	adopt	VERB
ajfa-9064	69	22	the	the	DET
ajfa-9064	69	23	audit	audit	NOUN
ajfa-9064	69	24	committee	committee	NOUN
ajfa-9064	69	25	system	system	NOUN
ajfa-9064	69	26	.	.	PUNCT
ajfa-9064	70	1	wild	wild	ADJ
ajfa-9064	70	2	(	(	PUNCT
ajfa-9064	70	3	1996	1996	NUM
ajfa-9064	70	4	)	)	PUNCT
ajfa-9064	70	5	points	point	VERB
ajfa-9064	70	6	out	out	ADP
ajfa-9064	70	7	that	that	SCONJ
ajfa-9064	70	8	investors	investor	NOUN
ajfa-9064	70	9	have	have	VERB
ajfa-9064	70	10	greater	great	ADJ
ajfa-9064	70	11	trust	trust	NOUN
ajfa-9064	70	12	in	in	ADP
ajfa-9064	70	13	a	a	DET
ajfa-9064	70	14	firm	firm	NOUN
ajfa-9064	70	15	’s	’s	PART
ajfa-9064	70	16	financial	financial	ADJ
ajfa-9064	70	17	statements	statement	NOUN
ajfa-9064	70	18	if	if	SCONJ
ajfa-9064	70	19	the	the	DET
ajfa-9064	70	20	firm	firm	NOUN
ajfa-9064	70	21	has	have	AUX
ajfa-9064	70	22	set	set	VERB
ajfa-9064	70	23	up	up	ADP
ajfa-9064	70	24	an	an	DET
ajfa-9064	70	25	audit	audit	NOUN
ajfa-9064	70	26	committee	committee	NOUN
ajfa-9064	70	27	.	.	PUNCT
ajfa-9064	71	1	this	this	PRON
ajfa-9064	71	2	suggests	suggest	VERB
ajfa-9064	71	3	that	that	SCONJ
ajfa-9064	71	4	an	an	DET
ajfa-9064	71	5	audit	audit	NOUN
ajfa-9064	71	6	committee	committee	NOUN
ajfa-9064	71	7	can	can	AUX
ajfa-9064	71	8	improve	improve	VERB
ajfa-9064	71	9	a	a	DET
ajfa-9064	71	10	firm	firm	NOUN
ajfa-9064	71	11	’s	’s	PART
ajfa-9064	71	12	financial	financial	ADJ
ajfa-9064	71	13	reporting	reporting	NOUN
ajfa-9064	71	14	quality	quality	NOUN
ajfa-9064	71	15	.	.	PUNCT
ajfa-9064	72	1	according	accord	VERB
ajfa-9064	72	2	to	to	ADP
ajfa-9064	72	3	the	the	DET
ajfa-9064	72	4	signaling	signal	VERB
ajfa-9064	72	5	theory	theory	NOUN
ajfa-9064	72	6	(	(	PUNCT
ajfa-9064	72	7	grossman	grossman	NOUN
ajfa-9064	72	8	,	,	PUNCT
ajfa-9064	72	9	1981	1981	NUM
ajfa-9064	72	10	;	;	PUNCT
ajfa-9064	72	11	milgrom	milgrom	ADJ
ajfa-9064	72	12	,	,	PUNCT
ajfa-9064	72	13	1981	1981	NUM
ajfa-9064	72	14	;	;	PUNCT
ajfa-9064	72	15	verrecchia	verrecchia	NOUN
ajfa-9064	72	16	,	,	PUNCT
ajfa-9064	72	17	1983	1983	NUM
ajfa-9064	72	18	)	)	PUNCT
ajfa-9064	72	19	,	,	PUNCT
ajfa-9064	72	20	managers	manager	NOUN
ajfa-9064	72	21	disclose	disclose	VERB
ajfa-9064	72	22	favorable	favorable	ADJ
ajfa-9064	72	23	information	information	NOUN
ajfa-9064	72	24	concerning	concern	VERB
ajfa-9064	72	25	their	their	PRON
ajfa-9064	72	26	firm	firm	ADJ
ajfa-9064	72	27	performance	performance	NOUN
ajfa-9064	72	28	when	when	SCONJ
ajfa-9064	72	29	they	they	PRON
ajfa-9064	72	30	learn	learn	VERB
ajfa-9064	72	31	that	that	SCONJ
ajfa-9064	72	32	their	their	PRON
ajfa-9064	72	33	firm	firm	ADJ
ajfa-9064	72	34	value	value	NOUN
ajfa-9064	72	35	exceeds	exceed	VERB
ajfa-9064	72	36	market	market	NOUN
ajfa-9064	72	37	expectation	expectation	NOUN
ajfa-9064	72	38	.	.	PUNCT
ajfa-9064	73	1	this	this	DET
ajfa-9064	73	2	positive	positive	ADJ
ajfa-9064	73	3	signal	signal	NOUN
ajfa-9064	73	4	can	can	AUX
ajfa-9064	73	5	usually	usually	ADV
ajfa-9064	73	6	cause	cause	VERB
ajfa-9064	73	7	a	a	DET
ajfa-9064	73	8	rise	rise	NOUN
ajfa-9064	73	9	of	of	ADP
ajfa-9064	73	10	the	the	DET
ajfa-9064	73	11	firm	firm	NOUN
ajfa-9064	73	12	’s	’s	PART
ajfa-9064	73	13	stock	stock	NOUN
ajfa-9064	73	14	price	price	NOUN
ajfa-9064	73	15	.	.	PUNCT
ajfa-9064	74	1	therefore	therefore	ADV
ajfa-9064	74	2	,	,	PUNCT
ajfa-9064	74	3	it	it	PRON
ajfa-9064	74	4	can	can	AUX
ajfa-9064	74	5	be	be	AUX
ajfa-9064	74	6	inferred	infer	VERB
ajfa-9064	74	7	that	that	SCONJ
ajfa-9064	74	8	when	when	SCONJ
ajfa-9064	74	9	a	a	DET
ajfa-9064	74	10	firm	firm	NOUN
ajfa-9064	74	11	discloses	disclose	VERB
ajfa-9064	74	12	information	information	NOUN
ajfa-9064	74	13	regarding	regard	VERB
ajfa-9064	74	14	its	its	PRON
ajfa-9064	74	15	establishment	establishment	NOUN
ajfa-9064	74	16	of	of	ADP
ajfa-9064	74	17	an	an	DET
ajfa-9064	74	18	audit	audit	NOUN
ajfa-9064	74	19	committee	committee	NOUN
ajfa-9064	74	20	,	,	PUNCT
ajfa-9064	74	21	investors	investor	NOUN
ajfa-9064	74	22	will	will	AUX
ajfa-9064	74	23	also	also	ADV
ajfa-9064	74	24	show	show	VERB
ajfa-9064	74	25	higher	high	ADJ
ajfa-9064	74	26	trust	trust	NOUN
ajfa-9064	74	27	in	in	ADP
ajfa-9064	74	28	the	the	DET
ajfa-9064	74	29	firm	firm	NOUN
ajfa-9064	74	30	’s	’s	PART
ajfa-9064	74	31	financial	financial	ADJ
ajfa-9064	74	32	reporting	reporting	NOUN
ajfa-9064	74	33	processes	process	NOUN
ajfa-9064	74	34	,	,	PUNCT
ajfa-9064	74	35	and	and	CCONJ
ajfa-9064	74	36	their	their	PRON
ajfa-9064	74	37	increased	increase	VERB
ajfa-9064	74	38	trust	trust	NOUN
ajfa-9064	74	39	will	will	AUX
ajfa-9064	74	40	be	be	AUX
ajfa-9064	74	41	reflected	reflect	VERB
ajfa-9064	74	42	upon	upon	SCONJ
ajfa-9064	74	43	the	the	DET
ajfa-9064	74	44	firm	firm	NOUN
ajfa-9064	74	45	’s	’s	PART
ajfa-9064	74	46	stock	stock	NOUN
ajfa-9064	74	47	price	price	NOUN
ajfa-9064	74	48	.	.	PUNCT
ajfa-9064	75	1	as	as	ADP
ajfa-9064	75	2	to	to	ADP
ajfa-9064	75	3	the	the	DET
ajfa-9064	75	4	expertise	expertise	NOUN
ajfa-9064	75	5	of	of	ADP
ajfa-9064	75	6	audit	audit	NOUN
ajfa-9064	75	7	committee	committee	NOUN
ajfa-9064	75	8	members	member	NOUN
ajfa-9064	75	9	,	,	PUNCT
ajfa-9064	75	10	cohen	cohen	PROPN
ajfa-9064	75	11	et	et	PROPN
ajfa-9064	75	12	al	al	PROPN
ajfa-9064	75	13	.	.	PROPN
ajfa-9064	76	1	(	(	PUNCT
ajfa-9064	76	2	2014	2014	NUM
ajfa-9064	76	3	)	)	PUNCT
ajfa-9064	76	4	point	point	VERB
ajfa-9064	76	5	out	out	ADP
ajfa-9064	76	6	that	that	DET
ajfa-9064	76	7	audit	audit	NOUN
ajfa-9064	76	8	committee	committee	NOUN
ajfa-9064	76	9	members	member	NOUN
ajfa-9064	76	10	who	who	PRON
ajfa-9064	76	11	are	be	AUX
ajfa-9064	76	12	both	both	PRON
ajfa-9064	76	13	accounting	account	VERB
ajfa-9064	76	14	and	and	CCONJ
ajfa-9064	76	15	industry	industry	NOUN
ajfa-9064	76	16	experts	expert	NOUN
ajfa-9064	76	17	perform	perform	VERB
ajfa-9064	76	18	better	well	ADJ
ajfa-9064	76	19	than	than	ADP
ajfa-9064	76	20	those	those	PRON
ajfa-9064	76	21	with	with	ADP
ajfa-9064	76	22	only	only	ADJ
ajfa-9064	76	23	accounting	accounting	NOUN
ajfa-9064	76	24	expertise	expertise	NOUN
ajfa-9064	76	25	.	.	PUNCT
ajfa-9064	77	1	besides	besides	SCONJ
ajfa-9064	77	2	,	,	PUNCT
ajfa-9064	77	3	they	they	PRON
ajfa-9064	77	4	find	find	VERB
ajfa-9064	77	5	that	that	SCONJ
ajfa-9064	77	6	audit	audit	NOUN
ajfa-9064	77	7	committee	committee	NOUN
ajfa-9064	77	8	members	member	NOUN
ajfa-9064	77	9	often	often	ADV
ajfa-9064	77	10	increase	increase	VERB
ajfa-9064	77	11	audit	audit	NOUN
ajfa-9064	77	12	fees	fee	NOUN
ajfa-9064	77	13	to	to	PART
ajfa-9064	77	14	provide	provide	VERB
ajfa-9064	77	15	more	more	ADJ
ajfa-9064	77	16	assurance	assurance	NOUN
ajfa-9064	77	17	on	on	ADP
ajfa-9064	77	18	the	the	DET
ajfa-9064	77	19	quality	quality	NOUN
ajfa-9064	77	20	of	of	ADP
ajfa-9064	77	21	the	the	DET
ajfa-9064	77	22	financial	financial	ADJ
ajfa-9064	77	23	reports	report	NOUN
ajfa-9064	77	24	.	.	PUNCT
ajfa-9064	78	1	2.2	2.2	NUM
ajfa-9064	78	2	theories	theory	NOUN
ajfa-9064	78	3	and	and	CCONJ
ajfa-9064	78	4	literature	literature	NOUN
ajfa-9064	78	5	on	on	ADP
ajfa-9064	78	6	cash	cash	NOUN
ajfa-9064	78	7	holdings	holding	NOUN
ajfa-9064	78	8	the	the	DET
ajfa-9064	78	9	concept	concept	NOUN
ajfa-9064	78	10	of	of	ADP
ajfa-9064	78	11	cash	cash	NOUN
ajfa-9064	78	12	holding	holding	NOUN
ajfa-9064	78	13	was	be	AUX
ajfa-9064	78	14	first	first	ADV
ajfa-9064	78	15	mentioned	mention	VERB
ajfa-9064	78	16	in	in	ADP
ajfa-9064	78	17	keynes	keyne	NOUN
ajfa-9064	78	18	’	'	PUNCT
ajfa-9064	78	19	(	(	PUNCT
ajfa-9064	78	20	1936	1936	NUM
ajfa-9064	78	21	)	)	PUNCT
ajfa-9064	78	22	liquidity	liquidity	NOUN
ajfa-9064	78	23	preference	preference	NOUN
ajfa-9064	78	24	theory	theory	NOUN
ajfa-9064	78	25	,	,	PUNCT
ajfa-9064	78	26	which	which	PRON
ajfa-9064	78	27	identifies	identify	VERB
ajfa-9064	78	28	three	three	NUM
ajfa-9064	78	29	motives	motive	NOUN
ajfa-9064	78	30	behind	behind	ADP
ajfa-9064	78	31	the	the	DET
ajfa-9064	78	32	desire	desire	NOUN
ajfa-9064	78	33	to	to	PART
ajfa-9064	78	34	hold	hold	VERB
ajfa-9064	78	35	cash	cash	NOUN
ajfa-9064	78	36	:	:	PUNCT
ajfa-9064	78	37	(	(	PUNCT
ajfa-9064	78	38	1	1	X
ajfa-9064	78	39	)	)	PUNCT
ajfa-9064	78	40	transaction	transaction	NOUN
ajfa-9064	78	41	motive	motive	NOUN
ajfa-9064	78	42	,	,	PUNCT
ajfa-9064	78	43	precautionary	precautionary	ADJ
ajfa-9064	78	44	motive	motive	NOUN
ajfa-9064	78	45	,	,	PUNCT
ajfa-9064	78	46	and	and	CCONJ
ajfa-9064	78	47	speculative	speculative	ADJ
ajfa-9064	78	48	motive	motive	NOUN
ajfa-9064	78	49	.	.	PUNCT
ajfa-9064	79	1	under	under	ADP
ajfa-9064	79	2	these	these	DET
ajfa-9064	79	3	motives	motive	NOUN
ajfa-9064	79	4	,	,	PUNCT
ajfa-9064	79	5	how	how	SCONJ
ajfa-9064	79	6	much	much	ADJ
ajfa-9064	79	7	cash	cash	NOUN
ajfa-9064	79	8	is	be	AUX
ajfa-9064	79	9	held	hold	VERB
ajfa-9064	79	10	and	and	CCONJ
ajfa-9064	79	11	how	how	SCONJ
ajfa-9064	79	12	the	the	DET
ajfa-9064	79	13	cash	cash	NOUN
ajfa-9064	79	14	is	be	AUX
ajfa-9064	79	15	used	use	VERB
ajfa-9064	79	16	are	be	AUX
ajfa-9064	79	17	important	important	ADJ
ajfa-9064	79	18	financial	financial	ADJ
ajfa-9064	79	19	decisions	decision	NOUN
ajfa-9064	79	20	for	for	ADP
ajfa-9064	79	21	firms	firm	NOUN
ajfa-9064	79	22	in	in	ADP
ajfa-9064	79	23	management	management	NOUN
ajfa-9064	79	24	and	and	CCONJ
ajfa-9064	79	25	value	value	NOUN
ajfa-9064	79	26	creation	creation	NOUN
ajfa-9064	79	27	.	.	PUNCT
ajfa-9064	80	1	however	however	ADV
ajfa-9064	80	2	,	,	PUNCT
ajfa-9064	80	3	due	due	ADP
ajfa-9064	80	4	to	to	ADP
ajfa-9064	80	5	the	the	DET
ajfa-9064	80	6	high	high	ADJ
ajfa-9064	80	7	liquidity	liquidity	NOUN
ajfa-9064	80	8	nature	nature	NOUN
ajfa-9064	80	9	,	,	PUNCT
ajfa-9064	80	10	cash	cash	NOUN
ajfa-9064	80	11	is	be	AUX
ajfa-9064	80	12	often	often	ADV
ajfa-9064	80	13	used	use	VERB
ajfa-9064	80	14	by	by	ADP
ajfa-9064	80	15	managers	manager	NOUN
ajfa-9064	80	16	as	as	ADP
ajfa-9064	80	17	a	a	DET
ajfa-9064	80	18	means	means	NOUN
ajfa-9064	80	19	of	of	ADP
ajfa-9064	80	20	manipulation	manipulation	NOUN
ajfa-9064	80	21	or	or	CCONJ
ajfa-9064	80	22	as	as	ADP
ajfa-9064	80	23	a	a	DET
ajfa-9064	80	24	means	means	NOUN
ajfa-9064	80	25	to	to	PART
ajfa-9064	80	26	fulfill	fulfill	VERB
ajfa-9064	80	27	personal	personal	ADJ
ajfa-9064	80	28	interests	interest	NOUN
ajfa-9064	80	29	.	.	PUNCT
ajfa-9064	81	1	jensen	jensen	PROPN
ajfa-9064	81	2	and	and	CCONJ
ajfa-9064	81	3	meckling	meckling	NOUN
ajfa-9064	81	4	(	(	PUNCT
ajfa-9064	81	5	1976	1976	NUM
ajfa-9064	81	6	)	)	PUNCT
ajfa-9064	81	7	identify	identify	VERB
ajfa-9064	81	8	the	the	DET
ajfa-9064	81	9	agency	agency	NOUN
ajfa-9064	81	10	problem	problem	NOUN
ajfa-9064	81	11	caused	cause	VERB
ajfa-9064	81	12	by	by	ADP
ajfa-9064	81	13	free	free	ADJ
ajfa-9064	81	14	cash	cash	NOUN
ajfa-9064	81	15	flow	flow	NOUN
ajfa-9064	81	16	.	.	PUNCT
ajfa-9064	82	1	they	they	PRON
ajfa-9064	82	2	suggest	suggest	VERB
ajfa-9064	82	3	that	that	SCONJ
ajfa-9064	82	4	self	self	NOUN
ajfa-9064	82	5	-	-	PUNCT
ajfa-9064	82	6	serving	serve	VERB
ajfa-9064	82	7	managers	manager	NOUN
ajfa-9064	82	8	may	may	AUX
ajfa-9064	82	9	waste	waste	VERB
ajfa-9064	82	10	firm	firm	ADJ
ajfa-9064	82	11	resources	resource	NOUN
ajfa-9064	82	12	on	on	ADP
ajfa-9064	82	13	personal	personal	ADJ
ajfa-9064	82	14	interests	interest	NOUN
ajfa-9064	82	15	or	or	CCONJ
ajfa-9064	82	16	enjoyment	enjoyment	NOUN
ajfa-9064	82	17	or	or	CCONJ
ajfa-9064	82	18	invest	invest	VERB
ajfa-9064	82	19	cash	cash	NOUN
ajfa-9064	82	20	holdings	holding	NOUN
ajfa-9064	82	21	in	in	ADP
ajfa-9064	82	22	negative	negative	ADJ
ajfa-9064	82	23	net	net	ADJ
ajfa-9064	82	24	present	present	ADJ
ajfa-9064	82	25	value	value	NOUN
ajfa-9064	82	26	projects	project	NOUN
ajfa-9064	82	27	,	,	PUNCT
ajfa-9064	82	28	and	and	CCONJ
ajfa-9064	82	29	either	either	PRON
ajfa-9064	82	30	of	of	ADP
ajfa-9064	82	31	which	which	PRON
ajfa-9064	82	32	behaviors	behavior	NOUN
ajfa-9064	82	33	will	will	AUX
ajfa-9064	82	34	do	do	VERB
ajfa-9064	82	35	harm	harm	NOUN
ajfa-9064	82	36	to	to	ADP
ajfa-9064	82	37	shareholder	shareholder	NOUN
ajfa-9064	82	38	interest	interest	NOUN
ajfa-9064	82	39	.	.	PUNCT
ajfa-9064	83	1	according	accord	VERB
ajfa-9064	83	2	to	to	ADP
ajfa-9064	83	3	myers	myers	PROPN
ajfa-9064	83	4	and	and	CCONJ
ajfa-9064	83	5	rajan	rajan	PROPN
ajfa-9064	83	6	(	(	PUNCT
ajfa-9064	83	7	1998	1998	NUM
ajfa-9064	83	8	)	)	PUNCT
ajfa-9064	83	9	,	,	PUNCT
ajfa-9064	83	10	it	it	PRON
ajfa-9064	83	11	is	be	AUX
ajfa-9064	83	12	easier	easy	ADJ
ajfa-9064	83	13	for	for	SCONJ
ajfa-9064	83	14	managers	manager	NOUN
ajfa-9064	83	15	to	to	PART
ajfa-9064	83	16	turn	turn	VERB
ajfa-9064	83	17	liquid	liquid	ADJ
ajfa-9064	83	18	assets	asset	NOUN
ajfa-9064	83	19	into	into	ADP
ajfa-9064	83	20	private	private	ADJ
ajfa-9064	83	21	benefits	benefit	NOUN
ajfa-9064	83	22	at	at	ADP
ajfa-9064	83	23	a	a	DET
ajfa-9064	83	24	lower	low	ADJ
ajfa-9064	83	25	cost	cost	NOUN
ajfa-9064	83	26	compared	compare	VERB
ajfa-9064	83	27	to	to	ADP
ajfa-9064	83	28	fixed	fix	VERB
ajfa-9064	83	29	assets	asset	NOUN
ajfa-9064	83	30	.	.	PUNCT
ajfa-9064	84	1	the	the	PRON
ajfa-9064	84	2	greater	great	ADJ
ajfa-9064	84	3	the	the	DET
ajfa-9064	84	4	asian	asian	ADJ
ajfa-9064	84	5	journal	journal	NOUN
ajfa-9064	84	6	of	of	ADP
ajfa-9064	84	7	finance	finance	PROPN
ajfa-9064	84	8	&	&	CCONJ
ajfa-9064	84	9	accounting	accounting	PROPN
ajfa-9064	84	10	issn	issn	PROPN
ajfa-9064	84	11	1946	1946	NUM
ajfa-9064	84	12	-	-	PUNCT
ajfa-9064	84	13	052x	052x	PROPN
ajfa-9064	84	14	2016	2016	NUM
ajfa-9064	84	15	,	,	PUNCT
ajfa-9064	84	16	vol	vol	NOUN
ajfa-9064	84	17	.	.	PROPN
ajfa-9064	84	18	8	8	NUM
ajfa-9064	84	19	,	,	PUNCT
ajfa-9064	84	20	no	no	INTJ
ajfa-9064	84	21	.	.	NOUN
ajfa-9064	84	22	1	1	NUM
ajfa-9064	84	23	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9064	84	24	105	105	NUM
ajfa-9064	84	25	amount	amount	NOUN
ajfa-9064	84	26	of	of	ADP
ajfa-9064	84	27	liquid	liquid	ADJ
ajfa-9064	84	28	assets	asset	NOUN
ajfa-9064	84	29	is	be	AUX
ajfa-9064	84	30	available	available	ADJ
ajfa-9064	84	31	,	,	PUNCT
ajfa-9064	84	32	the	the	DET
ajfa-9064	84	33	more	more	ADV
ajfa-9064	84	34	likely	likely	ADJ
ajfa-9064	84	35	that	that	SCONJ
ajfa-9064	84	36	a	a	DET
ajfa-9064	84	37	serious	serious	ADJ
ajfa-9064	84	38	agency	agency	NOUN
ajfa-9064	84	39	problem	problem	NOUN
ajfa-9064	84	40	will	will	AUX
ajfa-9064	84	41	occur	occur	VERB
ajfa-9064	84	42	.	.	PUNCT
ajfa-9064	85	1	hence	hence	ADV
ajfa-9064	85	2	,	,	PUNCT
ajfa-9064	85	3	the	the	DET
ajfa-9064	85	4	value	value	NOUN
ajfa-9064	85	5	of	of	ADP
ajfa-9064	85	6	cash	cash	NOUN
ajfa-9064	85	7	held	hold	VERB
ajfa-9064	85	8	by	by	ADP
ajfa-9064	85	9	a	a	DET
ajfa-9064	85	10	firm	firm	NOUN
ajfa-9064	85	11	can	can	AUX
ajfa-9064	85	12	be	be	AUX
ajfa-9064	85	13	used	use	VERB
ajfa-9064	85	14	to	to	PART
ajfa-9064	85	15	explain	explain	VERB
ajfa-9064	85	16	whether	whether	SCONJ
ajfa-9064	85	17	the	the	DET
ajfa-9064	85	18	firm	firm	NOUN
ajfa-9064	85	19	’s	’s	PART
ajfa-9064	85	20	resources	resource	NOUN
ajfa-9064	85	21	have	have	AUX
ajfa-9064	85	22	been	be	AUX
ajfa-9064	85	23	inefficiently	inefficiently	ADV
ajfa-9064	85	24	used	use	VERB
ajfa-9064	85	25	by	by	ADP
ajfa-9064	85	26	its	its	PRON
ajfa-9064	85	27	managers	manager	NOUN
ajfa-9064	85	28	for	for	ADP
ajfa-9064	85	29	personal	personal	ADJ
ajfa-9064	85	30	interests	interest	NOUN
ajfa-9064	85	31	.	.	PUNCT
ajfa-9064	86	1	pinkowitz	pinkowitz	VERB
ajfa-9064	86	2	et	et	PROPN
ajfa-9064	86	3	al	al	PROPN
ajfa-9064	86	4	.	.	PROPN
ajfa-9064	87	1	(	(	PUNCT
ajfa-9064	87	2	2006	2006	NUM
ajfa-9064	87	3	)	)	PUNCT
ajfa-9064	87	4	point	point	VERB
ajfa-9064	87	5	out	out	ADP
ajfa-9064	87	6	that	that	SCONJ
ajfa-9064	87	7	due	due	ADP
ajfa-9064	87	8	to	to	ADP
ajfa-9064	87	9	the	the	DET
ajfa-9064	87	10	agency	agency	NOUN
ajfa-9064	87	11	cost	cost	NOUN
ajfa-9064	87	12	,	,	PUNCT
ajfa-9064	87	13	the	the	DET
ajfa-9064	87	14	marginal	marginal	ADJ
ajfa-9064	87	15	value	value	NOUN
ajfa-9064	87	16	of	of	ADP
ajfa-9064	87	17	a	a	DET
ajfa-9064	87	18	dollar	dollar	NOUN
ajfa-9064	87	19	is	be	AUX
ajfa-9064	87	20	lower	low	ADJ
ajfa-9064	87	21	than	than	ADP
ajfa-9064	87	22	a	a	DET
ajfa-9064	87	23	dollar	dollar	NOUN
ajfa-9064	87	24	,	,	PUNCT
ajfa-9064	87	25	and	and	CCONJ
ajfa-9064	87	26	the	the	DET
ajfa-9064	87	27	short	short	ADJ
ajfa-9064	87	28	part	part	NOUN
ajfa-9064	87	29	is	be	AUX
ajfa-9064	87	30	expropriated	expropriate	VERB
ajfa-9064	87	31	for	for	ADP
ajfa-9064	87	32	personal	personal	ADJ
ajfa-9064	87	33	interests	interest	NOUN
ajfa-9064	87	34	.	.	PUNCT
ajfa-9064	88	1	they	they	PRON
ajfa-9064	88	2	also	also	ADV
ajfa-9064	88	3	find	find	VERB
ajfa-9064	88	4	that	that	SCONJ
ajfa-9064	88	5	the	the	DET
ajfa-9064	88	6	marginal	marginal	ADJ
ajfa-9064	88	7	value	value	NOUN
ajfa-9064	88	8	of	of	ADP
ajfa-9064	88	9	a	a	DET
ajfa-9064	88	10	dollar	dollar	NOUN
ajfa-9064	88	11	cash	cash	NOUN
ajfa-9064	88	12	is	be	AUX
ajfa-9064	88	13	lower	low	ADJ
ajfa-9064	88	14	in	in	ADP
ajfa-9064	88	15	countries	country	NOUN
ajfa-9064	88	16	with	with	ADP
ajfa-9064	88	17	poor	poor	ADJ
ajfa-9064	88	18	corporate	corporate	ADJ
ajfa-9064	88	19	governance	governance	NOUN
ajfa-9064	88	20	than	than	ADP
ajfa-9064	88	21	in	in	ADP
ajfa-9064	88	22	countries	country	NOUN
ajfa-9064	88	23	with	with	ADP
ajfa-9064	88	24	good	good	ADJ
ajfa-9064	88	25	corporate	corporate	ADJ
ajfa-9064	88	26	governance	governance	NOUN
ajfa-9064	88	27	.	.	PUNCT
ajfa-9064	89	1	dittmar	dittmar	NOUN
ajfa-9064	89	2	and	and	CCONJ
ajfa-9064	89	3	mahrt	mahrt	PROPN
ajfa-9064	89	4	-	-	PUNCT
ajfa-9064	89	5	smith	smith	NOUN
ajfa-9064	89	6	(	(	PUNCT
ajfa-9064	89	7	2007	2007	NUM
ajfa-9064	89	8	)	)	PUNCT
ajfa-9064	89	9	investigate	investigate	VERB
ajfa-9064	89	10	how	how	SCONJ
ajfa-9064	89	11	corporate	corporate	ADJ
ajfa-9064	89	12	governance	governance	NOUN
ajfa-9064	89	13	affects	affect	VERB
ajfa-9064	89	14	firm	firm	ADJ
ajfa-9064	89	15	value	value	NOUN
ajfa-9064	89	16	through	through	ADP
ajfa-9064	89	17	cash	cash	NOUN
ajfa-9064	89	18	holdings	holding	NOUN
ajfa-9064	89	19	among	among	ADP
ajfa-9064	89	20	firms	firm	NOUN
ajfa-9064	89	21	with	with	ADP
ajfa-9064	89	22	good	good	ADJ
ajfa-9064	89	23	governance	governance	NOUN
ajfa-9064	89	24	and	and	CCONJ
ajfa-9064	89	25	firms	firm	NOUN
ajfa-9064	89	26	without	without	ADP
ajfa-9064	89	27	.	.	PUNCT
ajfa-9064	90	1	they	they	PRON
ajfa-9064	90	2	find	find	VERB
ajfa-9064	90	3	that	that	SCONJ
ajfa-9064	90	4	poorly	poorly	ADV
ajfa-9064	90	5	governed	govern	VERB
ajfa-9064	90	6	firms	firm	NOUN
ajfa-9064	90	7	dissipate	dissipate	VERB
ajfa-9064	90	8	excess	excess	ADJ
ajfa-9064	90	9	cash	cash	NOUN
ajfa-9064	90	10	quickly	quickly	ADV
ajfa-9064	90	11	and	and	CCONJ
ajfa-9064	90	12	therefore	therefore	ADV
ajfa-9064	90	13	suffer	suffer	VERB
ajfa-9064	90	14	lower	low	ADJ
ajfa-9064	90	15	performance	performance	NOUN
ajfa-9064	90	16	.	.	PUNCT
ajfa-9064	91	1	they	they	PRON
ajfa-9064	91	2	suggest	suggest	VERB
ajfa-9064	91	3	that	that	SCONJ
ajfa-9064	91	4	cash	cash	NOUN
ajfa-9064	91	5	is	be	AUX
ajfa-9064	91	6	easy	easy	ADJ
ajfa-9064	91	7	to	to	PART
ajfa-9064	91	8	manage	manage	VERB
ajfa-9064	91	9	,	,	PUNCT
ajfa-9064	91	10	less	less	ADV
ajfa-9064	91	11	monitored	monitor	VERB
ajfa-9064	91	12	,	,	PUNCT
ajfa-9064	91	13	and	and	CCONJ
ajfa-9064	91	14	flexible	flexible	ADJ
ajfa-9064	91	15	for	for	ADP
ajfa-9064	91	16	use	use	NOUN
ajfa-9064	91	17	.	.	PUNCT
ajfa-9064	92	1	hence	hence	ADV
ajfa-9064	92	2	,	,	PUNCT
ajfa-9064	92	3	managers	manager	NOUN
ajfa-9064	92	4	tend	tend	VERB
ajfa-9064	92	5	to	to	PART
ajfa-9064	92	6	waste	waste	VERB
ajfa-9064	92	7	firm	firm	ADJ
ajfa-9064	92	8	resources	resource	NOUN
ajfa-9064	92	9	on	on	ADP
ajfa-9064	92	10	the	the	DET
ajfa-9064	92	11	pursuit	pursuit	NOUN
ajfa-9064	92	12	of	of	ADP
ajfa-9064	92	13	personal	personal	ADJ
ajfa-9064	92	14	interests	interest	NOUN
ajfa-9064	92	15	.	.	PUNCT
ajfa-9064	93	1	their	their	PRON
ajfa-9064	93	2	empirical	empirical	ADJ
ajfa-9064	93	3	finding	finding	NOUN
ajfa-9064	93	4	indicates	indicate	VERB
ajfa-9064	93	5	that	that	SCONJ
ajfa-9064	93	6	the	the	DET
ajfa-9064	93	7	value	value	NOUN
ajfa-9064	93	8	of	of	ADP
ajfa-9064	93	9	a	a	DET
ajfa-9064	93	10	dollar	dollar	NOUN
ajfa-9064	93	11	cash	cash	NOUN
ajfa-9064	93	12	ranges	range	VERB
ajfa-9064	93	13	between	between	ADP
ajfa-9064	93	14	0.42~0.88	0.42~0.88	NOUN
ajfa-9064	93	15	in	in	ADP
ajfa-9064	93	16	poorly	poorly	ADV
ajfa-9064	93	17	governed	govern	VERB
ajfa-9064	93	18	firms	firm	NOUN
ajfa-9064	93	19	,	,	PUNCT
ajfa-9064	93	20	and	and	CCONJ
ajfa-9064	93	21	the	the	DET
ajfa-9064	93	22	value	value	NOUN
ajfa-9064	93	23	of	of	ADP
ajfa-9064	93	24	a	a	DET
ajfa-9064	93	25	dollar	dollar	NOUN
ajfa-9064	93	26	cash	cash	NOUN
ajfa-9064	93	27	is	be	AUX
ajfa-9064	93	28	approximately	approximately	ADV
ajfa-9064	93	29	two	two	NUM
ajfa-9064	93	30	times	time	NOUN
ajfa-9064	93	31	this	this	DET
ajfa-9064	93	32	value	value	NOUN
ajfa-9064	93	33	in	in	ADP
ajfa-9064	93	34	firms	firm	NOUN
ajfa-9064	93	35	with	with	ADP
ajfa-9064	93	36	good	good	ADJ
ajfa-9064	93	37	governance	governance	NOUN
ajfa-9064	93	38	.	.	PUNCT
ajfa-9064	94	1	2.3	2.3	NUM
ajfa-9064	94	2	hypotheses	hypothesis	NOUN
ajfa-9064	94	3	previous	previous	ADJ
ajfa-9064	94	4	research	research	NOUN
ajfa-9064	94	5	suggests	suggest	VERB
ajfa-9064	94	6	that	that	SCONJ
ajfa-9064	94	7	the	the	DET
ajfa-9064	94	8	presence	presence	NOUN
ajfa-9064	94	9	of	of	ADP
ajfa-9064	94	10	an	an	DET
ajfa-9064	94	11	audit	audit	NOUN
ajfa-9064	94	12	committee	committee	NOUN
ajfa-9064	94	13	can	can	AUX
ajfa-9064	94	14	improve	improve	VERB
ajfa-9064	94	15	earnings	earning	NOUN
ajfa-9064	94	16	quality	quality	NOUN
ajfa-9064	94	17	and	and	CCONJ
ajfa-9064	94	18	reduce	reduce	VERB
ajfa-9064	94	19	earnings	earning	NOUN
ajfa-9064	94	20	management	management	NOUN
ajfa-9064	94	21	.	.	PUNCT
ajfa-9064	95	1	because	because	SCONJ
ajfa-9064	95	2	the	the	DET
ajfa-9064	95	3	audit	audit	NOUN
ajfa-9064	95	4	committee	committee	NOUN
ajfa-9064	95	5	provides	provide	VERB
ajfa-9064	95	6	oversight	oversight	NOUN
ajfa-9064	95	7	of	of	ADP
ajfa-9064	95	8	financial	financial	ADJ
ajfa-9064	95	9	reporting	reporting	NOUN
ajfa-9064	95	10	processes	process	NOUN
ajfa-9064	95	11	,	,	PUNCT
ajfa-9064	95	12	investors	investor	NOUN
ajfa-9064	95	13	show	show	VERB
ajfa-9064	95	14	greater	great	ADJ
ajfa-9064	95	15	trust	trust	NOUN
ajfa-9064	95	16	in	in	ADP
ajfa-9064	95	17	the	the	DET
ajfa-9064	95	18	reliability	reliability	NOUN
ajfa-9064	95	19	of	of	ADP
ajfa-9064	95	20	financial	financial	ADJ
ajfa-9064	95	21	reports	report	NOUN
ajfa-9064	95	22	prepared	prepare	VERB
ajfa-9064	95	23	by	by	ADP
ajfa-9064	95	24	firms	firm	NOUN
ajfa-9064	95	25	with	with	ADP
ajfa-9064	95	26	an	an	DET
ajfa-9064	95	27	audit	audit	NOUN
ajfa-9064	95	28	committee	committee	NOUN
ajfa-9064	95	29	,	,	PUNCT
ajfa-9064	95	30	and	and	CCONJ
ajfa-9064	95	31	their	their	PRON
ajfa-9064	95	32	trust	trust	NOUN
ajfa-9064	95	33	will	will	AUX
ajfa-9064	95	34	be	be	AUX
ajfa-9064	95	35	reflected	reflect	VERB
ajfa-9064	95	36	on	on	ADP
ajfa-9064	95	37	the	the	DET
ajfa-9064	95	38	firm	firm	NOUN
ajfa-9064	95	39	’s	’s	PART
ajfa-9064	95	40	stock	stock	NOUN
ajfa-9064	95	41	price	price	NOUN
ajfa-9064	95	42	.	.	PUNCT
ajfa-9064	96	1	previous	previous	ADJ
ajfa-9064	96	2	research	research	NOUN
ajfa-9064	96	3	of	of	ADP
ajfa-9064	96	4	cash	cash	NOUN
ajfa-9064	96	5	holdings	holding	NOUN
ajfa-9064	96	6	suggests	suggest	VERB
ajfa-9064	96	7	that	that	SCONJ
ajfa-9064	96	8	firm	firm	ADJ
ajfa-9064	96	9	managers	manager	NOUN
ajfa-9064	96	10	may	may	AUX
ajfa-9064	96	11	take	take	VERB
ajfa-9064	96	12	advantage	advantage	NOUN
ajfa-9064	96	13	of	of	ADP
ajfa-9064	96	14	the	the	DET
ajfa-9064	96	15	high	high	ADJ
ajfa-9064	96	16	liquidity	liquidity	NOUN
ajfa-9064	96	17	of	of	ADP
ajfa-9064	96	18	cash	cash	NOUN
ajfa-9064	96	19	to	to	PART
ajfa-9064	96	20	fulfill	fulfill	VERB
ajfa-9064	96	21	personal	personal	ADJ
ajfa-9064	96	22	interests	interest	NOUN
ajfa-9064	96	23	at	at	ADP
ajfa-9064	96	24	the	the	DET
ajfa-9064	96	25	expense	expense	NOUN
ajfa-9064	96	26	of	of	ADP
ajfa-9064	96	27	shareholder	shareholder	NOUN
ajfa-9064	96	28	interest	interest	NOUN
ajfa-9064	96	29	,	,	PUNCT
ajfa-9064	96	30	and	and	CCONJ
ajfa-9064	96	31	the	the	DET
ajfa-9064	96	32	efficiency	efficiency	NOUN
ajfa-9064	96	33	of	of	ADP
ajfa-9064	96	34	cash	cash	NOUN
ajfa-9064	96	35	holdings	holding	NOUN
ajfa-9064	96	36	is	be	AUX
ajfa-9064	96	37	often	often	ADV
ajfa-9064	96	38	higher	high	ADJ
ajfa-9064	96	39	in	in	ADP
ajfa-9064	96	40	well	well	ADV
ajfa-9064	96	41	governed	govern	VERB
ajfa-9064	96	42	firms	firm	NOUN
ajfa-9064	96	43	than	than	ADP
ajfa-9064	96	44	in	in	ADP
ajfa-9064	96	45	poorly	poorly	ADV
ajfa-9064	96	46	governed	govern	VERB
ajfa-9064	96	47	firms	firm	NOUN
ajfa-9064	96	48	.	.	PUNCT
ajfa-9064	97	1	the	the	DET
ajfa-9064	97	2	audit	audit	NOUN
ajfa-9064	97	3	committee	committee	NOUN
ajfa-9064	97	4	plays	play	VERB
ajfa-9064	97	5	an	an	DET
ajfa-9064	97	6	important	important	ADJ
ajfa-9064	97	7	role	role	NOUN
ajfa-9064	97	8	in	in	ADP
ajfa-9064	97	9	corporate	corporate	ADJ
ajfa-9064	97	10	governance	governance	NOUN
ajfa-9064	97	11	.	.	PUNCT
ajfa-9064	98	1	if	if	SCONJ
ajfa-9064	98	2	the	the	DET
ajfa-9064	98	3	committee	committee	NOUN
ajfa-9064	98	4	effectively	effectively	ADV
ajfa-9064	98	5	exerts	exert	VERB
ajfa-9064	98	6	its	its	PRON
ajfa-9064	98	7	functions	function	NOUN
ajfa-9064	98	8	,	,	PUNCT
ajfa-9064	98	9	it	it	PRON
ajfa-9064	98	10	can	can	AUX
ajfa-9064	98	11	help	help	VERB
ajfa-9064	98	12	a	a	DET
ajfa-9064	98	13	firm	firm	NOUN
ajfa-9064	98	14	improve	improve	VERB
ajfa-9064	98	15	its	its	PRON
ajfa-9064	98	16	overall	overall	ADJ
ajfa-9064	98	17	performance	performance	NOUN
ajfa-9064	98	18	and	and	CCONJ
ajfa-9064	98	19	governance	governance	NOUN
ajfa-9064	98	20	,	,	PUNCT
ajfa-9064	98	21	reduce	reduce	VERB
ajfa-9064	98	22	its	its	PRON
ajfa-9064	98	23	agency	agency	NOUN
ajfa-9064	98	24	cost	cost	NOUN
ajfa-9064	98	25	,	,	PUNCT
ajfa-9064	98	26	and	and	CCONJ
ajfa-9064	98	27	increase	increase	VERB
ajfa-9064	98	28	the	the	DET
ajfa-9064	98	29	value	value	NOUN
ajfa-9064	98	30	of	of	ADP
ajfa-9064	98	31	its	its	PRON
ajfa-9064	98	32	cash	cash	NOUN
ajfa-9064	98	33	holdings	holding	NOUN
ajfa-9064	98	34	.	.	PUNCT
ajfa-9064	99	1	therefore	therefore	ADV
ajfa-9064	99	2	,	,	PUNCT
ajfa-9064	99	3	we	we	PRON
ajfa-9064	99	4	propose	propose	VERB
ajfa-9064	99	5	the	the	DET
ajfa-9064	99	6	following	follow	VERB
ajfa-9064	99	7	hypothesis	hypothesis	NOUN
ajfa-9064	99	8	:	:	PUNCT
ajfa-9064	99	9	h1	h1	PROPN
ajfa-9064	99	10	:	:	PUNCT
ajfa-9064	99	11	the	the	DET
ajfa-9064	99	12	presence	presence	NOUN
ajfa-9064	99	13	of	of	ADP
ajfa-9064	99	14	an	an	DET
ajfa-9064	99	15	audit	audit	NOUN
ajfa-9064	99	16	committee	committee	NOUN
ajfa-9064	99	17	can	can	AUX
ajfa-9064	99	18	improve	improve	VERB
ajfa-9064	99	19	the	the	DET
ajfa-9064	99	20	marginal	marginal	ADJ
ajfa-9064	99	21	value	value	NOUN
ajfa-9064	99	22	of	of	ADP
ajfa-9064	99	23	cash	cash	NOUN
ajfa-9064	99	24	holdings	holding	NOUN
ajfa-9064	99	25	.	.	PUNCT
ajfa-9064	100	1	in	in	ADP
ajfa-9064	100	2	taiwan	taiwan	PROPN
ajfa-9064	100	3	,	,	PUNCT
ajfa-9064	100	4	firms	firm	NOUN
ajfa-9064	100	5	stocks	stock	NOUN
ajfa-9064	100	6	can	can	AUX
ajfa-9064	100	7	be	be	AUX
ajfa-9064	100	8	traded	trade	VERB
ajfa-9064	100	9	in	in	ADP
ajfa-9064	100	10	the	the	DET
ajfa-9064	100	11	exchange	exchange	NOUN
ajfa-9064	100	12	market	market	NOUN
ajfa-9064	100	13	or	or	CCONJ
ajfa-9064	100	14	the	the	DET
ajfa-9064	100	15	over	over	ADP
ajfa-9064	100	16	-	-	PUNCT
ajfa-9064	100	17	the	the	DET
ajfa-9064	100	18	-	-	PUNCT
ajfa-9064	100	19	counter	counter	NOUN
ajfa-9064	100	20	market	market	NOUN
ajfa-9064	100	21	.	.	PUNCT
ajfa-9064	101	1	firms	firm	NOUN
ajfa-9064	101	2	whose	whose	DET
ajfa-9064	101	3	stocks	stock	NOUN
ajfa-9064	101	4	are	be	AUX
ajfa-9064	101	5	traded	trade	VERB
ajfa-9064	101	6	in	in	ADP
ajfa-9064	101	7	the	the	DET
ajfa-9064	101	8	exchange	exchange	NOUN
ajfa-9064	101	9	market	market	NOUN
ajfa-9064	101	10	are	be	AUX
ajfa-9064	101	11	called	call	VERB
ajfa-9064	101	12	tse	tse	NOUN
ajfa-9064	101	13	-	-	PUNCT
ajfa-9064	101	14	listed	list	VERB
ajfa-9064	101	15	firms	firm	NOUN
ajfa-9064	101	16	,	,	PUNCT
ajfa-9064	101	17	and	and	CCONJ
ajfa-9064	101	18	firms	firm	NOUN
ajfa-9064	101	19	whose	whose	DET
ajfa-9064	101	20	stocks	stock	NOUN
ajfa-9064	101	21	are	be	AUX
ajfa-9064	101	22	traded	trade	VERB
ajfa-9064	101	23	in	in	ADP
ajfa-9064	101	24	the	the	DET
ajfa-9064	101	25	over	over	ADP
ajfa-9064	101	26	-	-	PUNCT
ajfa-9064	101	27	the	the	DET
ajfa-9064	101	28	-	-	PUNCT
ajfa-9064	101	29	counter	counter	NOUN
ajfa-9064	101	30	market	market	NOUN
ajfa-9064	101	31	are	be	AUX
ajfa-9064	101	32	called	call	VERB
ajfa-9064	101	33	otc	otc	PROPN
ajfa-9064	101	34	-	-	PUNCT
ajfa-9064	101	35	listed	list	VERB
ajfa-9064	101	36	firms	firm	NOUN
ajfa-9064	101	37	.	.	PUNCT
ajfa-9064	102	1	in	in	ADP
ajfa-9064	102	2	this	this	DET
ajfa-9064	102	3	study	study	NOUN
ajfa-9064	102	4	,	,	PUNCT
ajfa-9064	102	5	we	we	PRON
ajfa-9064	102	6	attempt	attempt	VERB
ajfa-9064	102	7	to	to	PART
ajfa-9064	102	8	explore	explore	VERB
ajfa-9064	102	9	the	the	DET
ajfa-9064	102	10	effect	effect	NOUN
ajfa-9064	102	11	of	of	ADP
ajfa-9064	102	12	the	the	DET
ajfa-9064	102	13	audit	audit	NOUN
ajfa-9064	102	14	committee	committee	NOUN
ajfa-9064	102	15	on	on	ADP
ajfa-9064	102	16	the	the	DET
ajfa-9064	102	17	value	value	NOUN
ajfa-9064	102	18	of	of	ADP
ajfa-9064	102	19	cash	cash	NOUN
ajfa-9064	102	20	holdings	holding	NOUN
ajfa-9064	102	21	.	.	PUNCT
ajfa-9064	103	1	as	as	SCONJ
ajfa-9064	103	2	the	the	DET
ajfa-9064	103	3	two	two	NUM
ajfa-9064	103	4	markets	market	NOUN
ajfa-9064	103	5	are	be	AUX
ajfa-9064	103	6	structurally	structurally	ADV
ajfa-9064	103	7	different	different	ADJ
ajfa-9064	103	8	,	,	PUNCT
ajfa-9064	103	9	we	we	PRON
ajfa-9064	103	10	will	will	AUX
ajfa-9064	103	11	further	far	ADV
ajfa-9064	103	12	divide	divide	VERB
ajfa-9064	103	13	the	the	DET
ajfa-9064	103	14	sample	sample	NOUN
ajfa-9064	103	15	into	into	ADP
ajfa-9064	103	16	the	the	DET
ajfa-9064	103	17	tse	tse	PROPN
ajfa-9064	103	18	-	-	PUNCT
ajfa-9064	103	19	listed	list	VERB
ajfa-9064	103	20	group	group	NOUN
ajfa-9064	103	21	and	and	CCONJ
ajfa-9064	103	22	the	the	DET
ajfa-9064	103	23	otc	otc	PROPN
ajfa-9064	103	24	-	-	PUNCT
ajfa-9064	103	25	listed	list	VERB
ajfa-9064	103	26	group	group	NOUN
ajfa-9064	103	27	to	to	PART
ajfa-9064	103	28	examine	examine	VERB
ajfa-9064	103	29	if	if	SCONJ
ajfa-9064	103	30	the	the	DET
ajfa-9064	103	31	above	above	ADV
ajfa-9064	103	32	-	-	PUNCT
ajfa-9064	103	33	mentioned	mention	VERB
ajfa-9064	103	34	effect	effect	NOUN
ajfa-9064	103	35	differs	differ	VERB
ajfa-9064	103	36	between	between	ADP
ajfa-9064	103	37	the	the	DET
ajfa-9064	103	38	two	two	NUM
ajfa-9064	103	39	markets	market	NOUN
ajfa-9064	103	40	.	.	PUNCT
ajfa-9064	104	1	we	we	PRON
ajfa-9064	104	2	will	will	AUX
ajfa-9064	104	3	consider	consider	VERB
ajfa-9064	104	4	three	three	NUM
ajfa-9064	104	5	major	major	ADJ
ajfa-9064	104	6	structural	structural	ADJ
ajfa-9064	104	7	differences	difference	NOUN
ajfa-9064	104	8	between	between	ADP
ajfa-9064	104	9	the	the	DET
ajfa-9064	104	10	two	two	NUM
ajfa-9064	104	11	markets	market	NOUN
ajfa-9064	104	12	,	,	PUNCT
ajfa-9064	104	13	including	include	VERB
ajfa-9064	104	14	investor	investor	NOUN
ajfa-9064	104	15	structure	structure	NOUN
ajfa-9064	104	16	,	,	PUNCT
ajfa-9064	104	17	market	market	NOUN
ajfa-9064	104	18	liquidity	liquidity	NOUN
ajfa-9064	104	19	,	,	PUNCT
ajfa-9064	104	20	and	and	CCONJ
ajfa-9064	104	21	firm	firm	ADJ
ajfa-9064	104	22	size	size	NOUN
ajfa-9064	104	23	.	.	PUNCT
ajfa-9064	105	1	for	for	ADP
ajfa-9064	105	2	firms	firm	NOUN
ajfa-9064	105	3	planning	plan	VERB
ajfa-9064	105	4	to	to	PART
ajfa-9064	105	5	go	go	VERB
ajfa-9064	105	6	public	public	ADJ
ajfa-9064	105	7	,	,	PUNCT
ajfa-9064	105	8	the	the	DET
ajfa-9064	105	9	requirements	requirement	NOUN
ajfa-9064	105	10	for	for	ADP
ajfa-9064	105	11	the	the	DET
ajfa-9064	105	12	tse	tse	NOUN
ajfa-9064	105	13	market	market	NOUN
ajfa-9064	105	14	are	be	AUX
ajfa-9064	105	15	higher	high	ADJ
ajfa-9064	105	16	.	.	PUNCT
ajfa-9064	106	1	to	to	PART
ajfa-9064	106	2	be	be	AUX
ajfa-9064	106	3	eligible	eligible	ADJ
ajfa-9064	106	4	for	for	ADP
ajfa-9064	106	5	being	be	AUX
ajfa-9064	106	6	listed	list	VERB
ajfa-9064	106	7	in	in	ADP
ajfa-9064	106	8	the	the	DET
ajfa-9064	106	9	tse	tse	NOUN
ajfa-9064	106	10	market	market	NOUN
ajfa-9064	106	11	,	,	PUNCT
ajfa-9064	106	12	firms	firm	NOUN
ajfa-9064	106	13	need	need	VERB
ajfa-9064	106	14	to	to	PART
ajfa-9064	106	15	meet	meet	VERB
ajfa-9064	106	16	a	a	DET
ajfa-9064	106	17	higher	high	ADJ
ajfa-9064	106	18	capital	capital	NOUN
ajfa-9064	106	19	and	and	CCONJ
ajfa-9064	106	20	a	a	DET
ajfa-9064	106	21	higher	high	ADJ
ajfa-9064	106	22	profitability	profitability	NOUN
ajfa-9064	106	23	requirements	requirement	NOUN
ajfa-9064	106	24	.	.	PUNCT
ajfa-9064	107	1	the	the	DET
ajfa-9064	107	2	otc	otc	PROPN
ajfa-9064	107	3	market	market	NOUN
ajfa-9064	107	4	is	be	AUX
ajfa-9064	107	5	intended	intend	VERB
ajfa-9064	107	6	to	to	PART
ajfa-9064	107	7	facilitate	facilitate	VERB
ajfa-9064	107	8	development	development	NOUN
ajfa-9064	107	9	of	of	ADP
ajfa-9064	107	10	small	small	ADJ
ajfa-9064	107	11	and	and	CCONJ
ajfa-9064	107	12	medium	medium	ADJ
ajfa-9064	107	13	-	-	PUNCT
ajfa-9064	107	14	sized	sized	ADJ
ajfa-9064	107	15	enterprises	enterprise	NOUN
ajfa-9064	107	16	and	and	CCONJ
ajfa-9064	107	17	thus	thus	ADV
ajfa-9064	107	18	has	have	VERB
ajfa-9064	107	19	lower	low	ADJ
ajfa-9064	107	20	requirements	requirement	NOUN
ajfa-9064	107	21	for	for	ADP
ajfa-9064	107	22	applicants	applicant	NOUN
ajfa-9064	107	23	.	.	PUNCT
ajfa-9064	108	1	firms	firm	NOUN
ajfa-9064	108	2	with	with	ADP
ajfa-9064	108	3	an	an	DET
ajfa-9064	108	4	actual	actual	ADJ
ajfa-9064	108	5	paid	pay	VERB
ajfa-9064	108	6	-	-	PUNCT
ajfa-9064	108	7	in	in	ADP
ajfa-9064	108	8	capital	capital	NOUN
ajfa-9064	108	9	exceeding	exceed	VERB
ajfa-9064	108	10	nt$50	nt$50	NOUN
ajfa-9064	108	11	million	million	NUM
ajfa-9064	108	12	and	and	CCONJ
ajfa-9064	108	13	having	have	VERB
ajfa-9064	108	14	innovation	innovation	NOUN
ajfa-9064	108	15	or	or	CCONJ
ajfa-9064	108	16	development	development	NOUN
ajfa-9064	108	17	asian	asian	ADJ
ajfa-9064	108	18	journal	journal	NOUN
ajfa-9064	108	19	of	of	ADP
ajfa-9064	108	20	finance	finance	PROPN
ajfa-9064	108	21	&	&	CCONJ
ajfa-9064	108	22	accounting	accounting	PROPN
ajfa-9064	108	23	issn	issn	PROPN
ajfa-9064	108	24	1946	1946	NUM
ajfa-9064	108	25	-	-	PUNCT
ajfa-9064	108	26	052x	052x	PROPN
ajfa-9064	108	27	2016	2016	NUM
ajfa-9064	108	28	,	,	PUNCT
ajfa-9064	108	29	vol	vol	NOUN
ajfa-9064	108	30	.	.	PROPN
ajfa-9064	108	31	8	8	NUM
ajfa-9064	108	32	,	,	PUNCT
ajfa-9064	108	33	no	no	INTJ
ajfa-9064	108	34	.	.	NOUN
ajfa-9064	108	35	1	1	NUM
ajfa-9064	108	36	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9064	108	37	106	106	NUM
ajfa-9064	108	38	potentials	potential	NOUN
ajfa-9064	108	39	are	be	AUX
ajfa-9064	108	40	eligible	eligible	ADJ
ajfa-9064	108	41	to	to	PART
ajfa-9064	108	42	become	become	VERB
ajfa-9064	108	43	an	an	DET
ajfa-9064	108	44	otc	otc	NOUN
ajfa-9064	108	45	-	-	PUNCT
ajfa-9064	108	46	listed	list	VERB
ajfa-9064	108	47	firm	firm	NOUN
ajfa-9064	108	48	.	.	PUNCT
ajfa-9064	109	1	hence	hence	ADV
ajfa-9064	109	2	,	,	PUNCT
ajfa-9064	109	3	small	small	ADJ
ajfa-9064	109	4	capital	capital	NOUN
ajfa-9064	109	5	stock	stock	NOUN
ajfa-9064	109	6	is	be	AUX
ajfa-9064	109	7	a	a	DET
ajfa-9064	109	8	major	major	ADJ
ajfa-9064	109	9	characteristic	characteristic	NOUN
ajfa-9064	109	10	of	of	ADP
ajfa-9064	109	11	otc	otc	PROPN
ajfa-9064	109	12	-	-	PUNCT
ajfa-9064	109	13	listed	list	VERB
ajfa-9064	109	14	firms	firm	NOUN
ajfa-9064	109	15	.	.	PUNCT
ajfa-9064	110	1	the	the	DET
ajfa-9064	110	2	otc	otc	PROPN
ajfa-9064	110	3	market	market	NOUN
ajfa-9064	110	4	was	be	AUX
ajfa-9064	110	5	created	create	VERB
ajfa-9064	110	6	in	in	ADP
ajfa-9064	110	7	1994	1994	NUM
ajfa-9064	110	8	.	.	PUNCT
ajfa-9064	111	1	after	after	ADP
ajfa-9064	111	2	a	a	DET
ajfa-9064	111	3	series	series	NOUN
ajfa-9064	111	4	of	of	ADP
ajfa-9064	111	5	reforms	reform	NOUN
ajfa-9064	111	6	of	of	ADP
ajfa-9064	111	7	the	the	DET
ajfa-9064	111	8	trading	trading	NOUN
ajfa-9064	111	9	system	system	NOUN
ajfa-9064	111	10	,	,	PUNCT
ajfa-9064	111	11	there	there	PRON
ajfa-9064	111	12	has	have	AUX
ajfa-9064	111	13	been	be	AUX
ajfa-9064	111	14	a	a	DET
ajfa-9064	111	15	significant	significant	ADJ
ajfa-9064	111	16	growth	growth	NOUN
ajfa-9064	111	17	in	in	ADP
ajfa-9064	111	18	the	the	DET
ajfa-9064	111	19	number	number	NOUN
ajfa-9064	111	20	of	of	ADP
ajfa-9064	111	21	otc	otc	PROPN
ajfa-9064	111	22	-	-	PUNCT
ajfa-9064	111	23	listed	list	VERB
ajfa-9064	111	24	firms	firm	NOUN
ajfa-9064	111	25	,	,	PUNCT
ajfa-9064	111	26	accounts	account	NOUN
ajfa-9064	111	27	,	,	PUNCT
ajfa-9064	111	28	and	and	CCONJ
ajfa-9064	111	29	trading	trading	NOUN
ajfa-9064	111	30	volume	volume	NOUN
ajfa-9064	111	31	.	.	PUNCT
ajfa-9064	112	1	despite	despite	SCONJ
ajfa-9064	112	2	the	the	DET
ajfa-9064	112	3	dominance	dominance	NOUN
ajfa-9064	112	4	of	of	ADP
ajfa-9064	112	5	individual	individual	ADJ
ajfa-9064	112	6	investors	investor	NOUN
ajfa-9064	112	7	in	in	ADP
ajfa-9064	112	8	this	this	DET
ajfa-9064	112	9	market	market	NOUN
ajfa-9064	112	10	,	,	PUNCT
ajfa-9064	112	11	the	the	DET
ajfa-9064	112	12	number	number	NOUN
ajfa-9064	112	13	of	of	ADP
ajfa-9064	112	14	institutional	institutional	ADJ
ajfa-9064	112	15	investors	investor	NOUN
ajfa-9064	112	16	is	be	AUX
ajfa-9064	112	17	increasing	increase	VERB
ajfa-9064	112	18	year	year	NOUN
ajfa-9064	112	19	by	by	ADP
ajfa-9064	112	20	year	year	NOUN
ajfa-9064	112	21	.	.	PUNCT
ajfa-9064	113	1	chui	chui	PROPN
ajfa-9064	113	2	and	and	CCONJ
ajfa-9064	113	3	wei	wei	PROPN
ajfa-9064	113	4	(	(	PUNCT
ajfa-9064	113	5	1998	1998	NUM
ajfa-9064	113	6	)	)	PUNCT
ajfa-9064	113	7	compare	compare	VERB
ajfa-9064	113	8	the	the	DET
ajfa-9064	113	9	stock	stock	NOUN
ajfa-9064	113	10	markets	market	NOUN
ajfa-9064	113	11	in	in	ADP
ajfa-9064	113	12	hong	hong	PROPN
ajfa-9064	113	13	kong	kong	PROPN
ajfa-9064	113	14	,	,	PUNCT
ajfa-9064	113	15	south	south	PROPN
ajfa-9064	113	16	korea	korea	PROPN
ajfa-9064	113	17	,	,	PUNCT
ajfa-9064	113	18	malaysia	malaysia	PROPN
ajfa-9064	113	19	,	,	PUNCT
ajfa-9064	113	20	thailand	thailand	PROPN
ajfa-9064	113	21	,	,	PUNCT
ajfa-9064	113	22	and	and	CCONJ
ajfa-9064	113	23	taiwan	taiwan	PROPN
ajfa-9064	113	24	and	and	CCONJ
ajfa-9064	113	25	find	find	VERB
ajfa-9064	113	26	that	that	SCONJ
ajfa-9064	113	27	individual	individual	ADJ
ajfa-9064	113	28	investors	investor	NOUN
ajfa-9064	113	29	favor	favor	VERB
ajfa-9064	113	30	small	small	ADJ
ajfa-9064	113	31	-	-	PUNCT
ajfa-9064	113	32	cap	cap	NOUN
ajfa-9064	113	33	stocks	stock	NOUN
ajfa-9064	113	34	while	while	SCONJ
ajfa-9064	113	35	institutional	institutional	ADJ
ajfa-9064	113	36	investors	investor	NOUN
ajfa-9064	113	37	tend	tend	VERB
ajfa-9064	113	38	to	to	PART
ajfa-9064	113	39	invest	invest	VERB
ajfa-9064	113	40	in	in	ADP
ajfa-9064	113	41	large	large	ADJ
ajfa-9064	113	42	-	-	PUNCT
ajfa-9064	113	43	cap	cap	NOUN
ajfa-9064	113	44	stocks	stock	NOUN
ajfa-9064	113	45	.	.	PUNCT
ajfa-9064	114	1	the	the	DET
ajfa-9064	114	2	efficient	efficient	ADJ
ajfa-9064	114	3	monitoring	monitoring	NOUN
ajfa-9064	114	4	hypothesis	hypothesis	NOUN
ajfa-9064	114	5	posited	posit	VERB
ajfa-9064	114	6	by	by	ADP
ajfa-9064	114	7	pound	pound	NOUN
ajfa-9064	114	8	(	(	PUNCT
ajfa-9064	114	9	1988	1988	NUM
ajfa-9064	114	10	)	)	PUNCT
ajfa-9064	114	11	suggests	suggest	VERB
ajfa-9064	114	12	that	that	SCONJ
ajfa-9064	114	13	institutional	institutional	ADJ
ajfa-9064	114	14	investors	investor	NOUN
ajfa-9064	114	15	have	have	VERB
ajfa-9064	114	16	more	more	ADJ
ajfa-9064	114	17	specialized	specialized	ADJ
ajfa-9064	114	18	human	human	ADJ
ajfa-9064	114	19	resources	resource	NOUN
ajfa-9064	114	20	and	and	CCONJ
ajfa-9064	114	21	are	be	AUX
ajfa-9064	114	22	therefore	therefore	ADV
ajfa-9064	114	23	more	more	ADV
ajfa-9064	114	24	able	able	ADJ
ajfa-9064	114	25	to	to	PART
ajfa-9064	114	26	efficiently	efficiently	ADV
ajfa-9064	114	27	monitor	monitor	VERB
ajfa-9064	114	28	the	the	DET
ajfa-9064	114	29	firms	firm	NOUN
ajfa-9064	114	30	they	they	PRON
ajfa-9064	114	31	invest	invest	VERB
ajfa-9064	114	32	in	in	ADP
ajfa-9064	114	33	.	.	PUNCT
ajfa-9064	115	1	huang	huang	PROPN
ajfa-9064	115	2	et	et	PROPN
ajfa-9064	115	3	al	al	PROPN
ajfa-9064	115	4	.	.	PROPN
ajfa-9064	115	5	(	(	PUNCT
ajfa-9064	115	6	2014	2014	NUM
ajfa-9064	115	7	)	)	PUNCT
ajfa-9064	115	8	contend	contend	VERB
ajfa-9064	115	9	that	that	SCONJ
ajfa-9064	115	10	external	external	ADJ
ajfa-9064	115	11	supervision	supervision	NOUN
ajfa-9064	115	12	is	be	AUX
ajfa-9064	115	13	mainly	mainly	ADV
ajfa-9064	115	14	performed	perform	VERB
ajfa-9064	115	15	by	by	ADP
ajfa-9064	115	16	institutional	institutional	ADJ
ajfa-9064	115	17	investors	investor	NOUN
ajfa-9064	115	18	,	,	PUNCT
ajfa-9064	115	19	so	so	SCONJ
ajfa-9064	115	20	the	the	DET
ajfa-9064	115	21	effect	effect	NOUN
ajfa-9064	115	22	of	of	ADP
ajfa-9064	115	23	information	information	NOUN
ajfa-9064	115	24	disclosure	disclosure	NOUN
ajfa-9064	115	25	on	on	ADP
ajfa-9064	115	26	corporate	corporate	ADJ
ajfa-9064	115	27	governance	governance	NOUN
ajfa-9064	115	28	is	be	AUX
ajfa-9064	115	29	stronger	strong	ADJ
ajfa-9064	115	30	in	in	ADP
ajfa-9064	115	31	markets	market	NOUN
ajfa-9064	115	32	dominated	dominate	VERB
ajfa-9064	115	33	by	by	ADP
ajfa-9064	115	34	institutional	institutional	ADJ
ajfa-9064	115	35	investors	investor	NOUN
ajfa-9064	115	36	.	.	PUNCT
ajfa-9064	116	1	according	accord	VERB
ajfa-9064	116	2	to	to	ADP
ajfa-9064	116	3	taiwan	taiwan	PROPN
ajfa-9064	116	4	stock	stock	PROPN
ajfa-9064	116	5	exchange	exchange	PROPN
ajfa-9064	116	6	(	(	PUNCT
ajfa-9064	116	7	tse	tse	PROPN
ajfa-9064	116	8	)	)	PUNCT
ajfa-9064	116	9	and	and	CCONJ
ajfa-9064	116	10	gretai	gretai	VERB
ajfa-9064	116	11	securities	security	NOUN
ajfa-9064	116	12	market	market	NOUN
ajfa-9064	116	13	(	(	PUNCT
ajfa-9064	116	14	gtsm	gtsm	PROPN
ajfa-9064	116	15	)	)	PUNCT
ajfa-9064	116	16	,	,	PUNCT
ajfa-9064	116	17	the	the	DET
ajfa-9064	116	18	ratios	ratio	NOUN
ajfa-9064	116	19	of	of	ADP
ajfa-9064	116	20	individual	individual	ADJ
ajfa-9064	116	21	investors	investor	NOUN
ajfa-9064	116	22	in	in	ADP
ajfa-9064	116	23	the	the	DET
ajfa-9064	116	24	tse	tse	NOUN
ajfa-9064	116	25	market	market	NOUN
ajfa-9064	116	26	and	and	CCONJ
ajfa-9064	116	27	the	the	DET
ajfa-9064	116	28	otc	otc	PROPN
ajfa-9064	116	29	market	market	NOUN
ajfa-9064	116	30	as	as	ADP
ajfa-9064	116	31	of	of	ADP
ajfa-9064	116	32	2010	2010	NUM
ajfa-9064	116	33	are	be	AUX
ajfa-9064	116	34	58.54	58.54	NUM
ajfa-9064	116	35	%	%	NOUN
ajfa-9064	116	36	and	and	CCONJ
ajfa-9064	116	37	67.68	67.68	NUM
ajfa-9064	116	38	%	%	NOUN
ajfa-9064	116	39	respectively2	respectively2	NOUN
ajfa-9064	116	40	.	.	PUNCT
ajfa-9064	117	1	the	the	DET
ajfa-9064	117	2	otc	otc	PROPN
ajfa-9064	117	3	market	market	NOUN
ajfa-9064	117	4	has	have	VERB
ajfa-9064	117	5	an	an	DET
ajfa-9064	117	6	approximately	approximately	ADV
ajfa-9064	117	7	10	10	NUM
ajfa-9064	117	8	%	%	NOUN
ajfa-9064	117	9	higher	high	ADJ
ajfa-9064	117	10	ratio	ratio	NOUN
ajfa-9064	117	11	.	.	PUNCT
ajfa-9064	118	1	individual	individual	ADJ
ajfa-9064	118	2	investors	investor	NOUN
ajfa-9064	118	3	have	have	VERB
ajfa-9064	118	4	a	a	DET
ajfa-9064	118	5	limited	limited	ADJ
ajfa-9064	118	6	ability	ability	NOUN
ajfa-9064	118	7	and	and	CCONJ
ajfa-9064	118	8	time	time	NOUN
ajfa-9064	118	9	to	to	PART
ajfa-9064	118	10	collect	collect	VERB
ajfa-9064	118	11	and	and	CCONJ
ajfa-9064	118	12	analyze	analyze	VERB
ajfa-9064	118	13	data	datum	NOUN
ajfa-9064	118	14	,	,	PUNCT
ajfa-9064	118	15	so	so	SCONJ
ajfa-9064	118	16	the	the	DET
ajfa-9064	118	17	effect	effect	NOUN
ajfa-9064	118	18	of	of	ADP
ajfa-9064	118	19	the	the	DET
ajfa-9064	118	20	audit	audit	NOUN
ajfa-9064	118	21	committee	committee	NOUN
ajfa-9064	118	22	on	on	ADP
ajfa-9064	118	23	the	the	DET
ajfa-9064	118	24	value	value	NOUN
ajfa-9064	118	25	of	of	ADP
ajfa-9064	118	26	cash	cash	NOUN
ajfa-9064	118	27	holdings	holding	NOUN
ajfa-9064	118	28	may	may	AUX
ajfa-9064	118	29	be	be	AUX
ajfa-9064	118	30	smaller	small	ADJ
ajfa-9064	118	31	in	in	ADP
ajfa-9064	118	32	the	the	DET
ajfa-9064	118	33	otc	otc	PROPN
ajfa-9064	118	34	market	market	NOUN
ajfa-9064	118	35	.	.	PUNCT
ajfa-9064	119	1	thus	thus	ADV
ajfa-9064	119	2	,	,	PUNCT
ajfa-9064	119	3	we	we	PRON
ajfa-9064	119	4	infer	infer	VERB
ajfa-9064	119	5	that	that	SCONJ
ajfa-9064	119	6	the	the	DET
ajfa-9064	119	7	relation	relation	NOUN
ajfa-9064	119	8	between	between	ADP
ajfa-9064	119	9	the	the	DET
ajfa-9064	119	10	presence	presence	NOUN
ajfa-9064	119	11	of	of	ADP
ajfa-9064	119	12	audit	audit	NOUN
ajfa-9064	119	13	committee	committee	NOUN
ajfa-9064	119	14	and	and	CCONJ
ajfa-9064	119	15	the	the	DET
ajfa-9064	119	16	value	value	NOUN
ajfa-9064	119	17	of	of	ADP
ajfa-9064	119	18	cash	cash	NOUN
ajfa-9064	119	19	holdings	holding	NOUN
ajfa-9064	119	20	is	be	AUX
ajfa-9064	119	21	weaker	weak	ADJ
ajfa-9064	119	22	in	in	ADP
ajfa-9064	119	23	the	the	DET
ajfa-9064	119	24	otc	otc	PROPN
ajfa-9064	119	25	market	market	NOUN
ajfa-9064	119	26	that	that	PRON
ajfa-9064	119	27	is	be	AUX
ajfa-9064	119	28	dominated	dominate	VERB
ajfa-9064	119	29	by	by	ADP
ajfa-9064	119	30	individual	individual	ADJ
ajfa-9064	119	31	investors	investor	NOUN
ajfa-9064	119	32	.	.	PUNCT
ajfa-9064	120	1	in	in	ADP
ajfa-9064	120	2	addition	addition	NOUN
ajfa-9064	120	3	to	to	ADP
ajfa-9064	120	4	investor	investor	NOUN
ajfa-9064	120	5	structure	structure	NOUN
ajfa-9064	120	6	,	,	PUNCT
ajfa-9064	120	7	the	the	DET
ajfa-9064	120	8	two	two	NUM
ajfa-9064	120	9	markets	market	NOUN
ajfa-9064	120	10	also	also	ADV
ajfa-9064	120	11	differ	differ	VERB
ajfa-9064	120	12	greatly	greatly	ADV
ajfa-9064	120	13	in	in	ADP
ajfa-9064	120	14	liquidity	liquidity	NOUN
ajfa-9064	120	15	.	.	PUNCT
ajfa-9064	121	1	according	accord	VERB
ajfa-9064	121	2	to	to	ADP
ajfa-9064	121	3	tse	tse	PROPN
ajfa-9064	121	4	and	and	CCONJ
ajfa-9064	121	5	gtsm	gtsm	PROPN
ajfa-9064	121	6	,	,	PUNCT
ajfa-9064	121	7	the	the	DET
ajfa-9064	121	8	turnover	turnover	NOUN
ajfa-9064	121	9	rates	rate	NOUN
ajfa-9064	121	10	in	in	ADP
ajfa-9064	121	11	the	the	DET
ajfa-9064	121	12	two	two	NUM
ajfa-9064	121	13	markets	market	NOUN
ajfa-9064	121	14	as	as	ADP
ajfa-9064	121	15	of	of	ADP
ajfa-9064	121	16	2010	2010	NUM
ajfa-9064	121	17	are	be	AUX
ajfa-9064	121	18	1.44	1.44	NUM
ajfa-9064	121	19	and	and	CCONJ
ajfa-9064	121	20	1.31	1.31	NUM
ajfa-9064	121	21	respectively3	respectively3	NOUN
ajfa-9064	121	22	.	.	PUNCT
ajfa-9064	122	1	by	by	ADP
ajfa-9064	122	2	comparison	comparison	NOUN
ajfa-9064	122	3	,	,	PUNCT
ajfa-9064	122	4	the	the	DET
ajfa-9064	122	5	otc	otc	PROPN
ajfa-9064	122	6	market	market	NOUN
ajfa-9064	122	7	has	have	VERB
ajfa-9064	122	8	a	a	DET
ajfa-9064	122	9	lower	low	ADJ
ajfa-9064	122	10	liquidity	liquidity	NOUN
ajfa-9064	122	11	.	.	PUNCT
ajfa-9064	123	1	in	in	ADP
ajfa-9064	123	2	a	a	DET
ajfa-9064	123	3	study	study	NOUN
ajfa-9064	123	4	of	of	ADP
ajfa-9064	123	5	liquidity	liquidity	NOUN
ajfa-9064	123	6	of	of	ADP
ajfa-9064	123	7	the	the	DET
ajfa-9064	123	8	stock	stock	NOUN
ajfa-9064	123	9	markets	market	NOUN
ajfa-9064	123	10	in	in	ADP
ajfa-9064	123	11	taiwan	taiwan	PROPN
ajfa-9064	123	12	,	,	PUNCT
ajfa-9064	123	13	huang	huang	PROPN
ajfa-9064	123	14	(	(	PUNCT
ajfa-9064	123	15	2013	2013	NUM
ajfa-9064	123	16	)	)	PUNCT
ajfa-9064	123	17	finds	find	VERB
ajfa-9064	123	18	that	that	SCONJ
ajfa-9064	123	19	the	the	DET
ajfa-9064	123	20	tse	tse	NOUN
ajfa-9064	123	21	market	market	NOUN
ajfa-9064	123	22	has	have	VERB
ajfa-9064	123	23	a	a	DET
ajfa-9064	123	24	significantly	significantly	ADV
ajfa-9064	123	25	higher	high	ADJ
ajfa-9064	123	26	liquidity	liquidity	NOUN
ajfa-9064	123	27	than	than	ADP
ajfa-9064	123	28	the	the	DET
ajfa-9064	123	29	otc	otc	PROPN
ajfa-9064	123	30	market	market	NOUN
ajfa-9064	123	31	.	.	PUNCT
ajfa-9064	124	1	according	accord	VERB
ajfa-9064	124	2	to	to	ADP
ajfa-9064	124	3	bernstein	bernstein	PROPN
ajfa-9064	124	4	(	(	PUNCT
ajfa-9064	124	5	1987	1987	NUM
ajfa-9064	124	6	)	)	PUNCT
ajfa-9064	124	7	and	and	CCONJ
ajfa-9064	124	8	hasbrouck	hasbrouck	PROPN
ajfa-9064	124	9	and	and	CCONJ
ajfa-9064	124	10	schwartz	schwartz	PROPN
ajfa-9064	124	11	(	(	PUNCT
ajfa-9064	124	12	1988	1988	NUM
ajfa-9064	124	13	)	)	PUNCT
ajfa-9064	124	14	,	,	PUNCT
ajfa-9064	124	15	liquidity	liquidity	NOUN
ajfa-9064	124	16	is	be	AUX
ajfa-9064	124	17	a	a	DET
ajfa-9064	124	18	measure	measure	NOUN
ajfa-9064	124	19	of	of	ADP
ajfa-9064	124	20	how	how	SCONJ
ajfa-9064	124	21	promptly	promptly	ADV
ajfa-9064	124	22	that	that	SCONJ
ajfa-9064	124	23	securities	security	NOUN
ajfa-9064	124	24	can	can	AUX
ajfa-9064	124	25	be	be	AUX
ajfa-9064	124	26	traded	trade	VERB
ajfa-9064	124	27	in	in	ADP
ajfa-9064	124	28	a	a	DET
ajfa-9064	124	29	market	market	NOUN
ajfa-9064	124	30	or	or	CCONJ
ajfa-9064	124	31	how	how	SCONJ
ajfa-9064	124	32	minimal	minimal	ADJ
ajfa-9064	124	33	the	the	DET
ajfa-9064	124	34	market	market	NOUN
ajfa-9064	124	35	prices	price	NOUN
ajfa-9064	124	36	will	will	AUX
ajfa-9064	124	37	be	be	AUX
ajfa-9064	124	38	affected	affect	VERB
ajfa-9064	124	39	by	by	ADP
ajfa-9064	124	40	the	the	DET
ajfa-9064	124	41	trading	trading	NOUN
ajfa-9064	124	42	.	.	PUNCT
ajfa-9064	125	1	it	it	PRON
ajfa-9064	125	2	has	have	AUX
ajfa-9064	125	3	been	be	AUX
ajfa-9064	125	4	empirically	empirically	ADV
ajfa-9064	125	5	confirmed	confirm	VERB
ajfa-9064	125	6	in	in	ADP
ajfa-9064	125	7	many	many	ADJ
ajfa-9064	125	8	studies	study	NOUN
ajfa-9064	125	9	that	that	SCONJ
ajfa-9064	125	10	market	market	NOUN
ajfa-9064	125	11	size	size	NOUN
ajfa-9064	125	12	is	be	AUX
ajfa-9064	125	13	positively	positively	ADV
ajfa-9064	125	14	related	relate	VERB
ajfa-9064	125	15	to	to	ADP
ajfa-9064	125	16	liquidity	liquidity	NOUN
ajfa-9064	125	17	(	(	PUNCT
ajfa-9064	125	18	fraser	fraser	NOUN
ajfa-9064	125	19	and	and	CCONJ
ajfa-9064	125	20	groth	groth	PROPN
ajfa-9064	125	21	,	,	PUNCT
ajfa-9064	125	22	1985	1985	NUM
ajfa-9064	125	23	;	;	PUNCT
ajfa-9064	125	24	cooper	cooper	PROPN
ajfa-9064	125	25	et	et	PROPN
ajfa-9064	125	26	al	al	PROPN
ajfa-9064	125	27	.	.	PROPN
ajfa-9064	125	28	,	,	PUNCT
ajfa-9064	125	29	1985	1985	NUM
ajfa-9064	125	30	;	;	PUNCT
ajfa-9064	125	31	marsh	marsh	PROPN
ajfa-9064	125	32	and	and	CCONJ
ajfa-9064	125	33	rock	rock	NOUN
ajfa-9064	125	34	,	,	PUNCT
ajfa-9064	125	35	1986	1986	NUM
ajfa-9064	125	36	;	;	PUNCT
ajfa-9064	125	37	hasbrouck	hasbrouck	NOUN
ajfa-9064	125	38	and	and	CCONJ
ajfa-9064	125	39	schwartz	schwartz	PROPN
ajfa-9064	125	40	,	,	PUNCT
ajfa-9064	125	41	1988	1988	NUM
ajfa-9064	125	42	)	)	PUNCT
ajfa-9064	125	43	.	.	PUNCT
ajfa-9064	126	1	naidu	naidu	PROPN
ajfa-9064	126	2	and	and	CCONJ
ajfa-9064	126	3	rozeff	rozeff	PROPN
ajfa-9064	126	4	(	(	PUNCT
ajfa-9064	126	5	1994	1994	NUM
ajfa-9064	126	6	)	)	PUNCT
ajfa-9064	126	7	argue	argue	VERB
ajfa-9064	126	8	that	that	SCONJ
ajfa-9064	126	9	stock	stock	NOUN
ajfa-9064	126	10	prices	price	NOUN
ajfa-9064	126	11	are	be	AUX
ajfa-9064	126	12	more	more	ADV
ajfa-9064	126	13	volatile	volatile	ADJ
ajfa-9064	126	14	in	in	ADP
ajfa-9064	126	15	a	a	DET
ajfa-9064	126	16	market	market	NOUN
ajfa-9064	126	17	with	with	ADP
ajfa-9064	126	18	lower	low	ADJ
ajfa-9064	126	19	liquidity	liquidity	NOUN
ajfa-9064	126	20	.	.	PUNCT
ajfa-9064	127	1	in	in	ADP
ajfa-9064	127	2	this	this	DET
ajfa-9064	127	3	kind	kind	NOUN
ajfa-9064	127	4	of	of	ADP
ajfa-9064	127	5	market	market	NOUN
ajfa-9064	127	6	,	,	PUNCT
ajfa-9064	127	7	the	the	DET
ajfa-9064	127	8	trading	trading	NOUN
ajfa-9064	127	9	cost	cost	NOUN
ajfa-9064	127	10	for	for	ADP
ajfa-9064	127	11	investors	investor	NOUN
ajfa-9064	127	12	is	be	AUX
ajfa-9064	127	13	higher	high	ADJ
ajfa-9064	127	14	,	,	PUNCT
ajfa-9064	127	15	and	and	CCONJ
ajfa-9064	127	16	there	there	PRON
ajfa-9064	127	17	is	be	VERB
ajfa-9064	127	18	a	a	DET
ajfa-9064	127	19	weaker	weak	ADJ
ajfa-9064	127	20	incentive	incentive	NOUN
ajfa-9064	127	21	for	for	SCONJ
ajfa-9064	127	22	firms	firm	NOUN
ajfa-9064	127	23	to	to	PART
ajfa-9064	127	24	provide	provide	VERB
ajfa-9064	127	25	financial	financial	ADJ
ajfa-9064	127	26	information	information	NOUN
ajfa-9064	127	27	.	.	PUNCT
ajfa-9064	128	1	as	as	ADP
ajfa-9064	128	2	a	a	DET
ajfa-9064	128	3	result	result	NOUN
ajfa-9064	128	4	,	,	PUNCT
ajfa-9064	128	5	investors	investor	NOUN
ajfa-9064	128	6	will	will	AUX
ajfa-9064	128	7	demand	demand	VERB
ajfa-9064	128	8	higher	high	ADJ
ajfa-9064	128	9	returns	return	NOUN
ajfa-9064	128	10	to	to	PART
ajfa-9064	128	11	compensate	compensate	VERB
ajfa-9064	128	12	for	for	ADP
ajfa-9064	128	13	these	these	DET
ajfa-9064	128	14	unfavorable	unfavorable	ADJ
ajfa-9064	128	15	conditions	condition	NOUN
ajfa-9064	128	16	,	,	PUNCT
ajfa-9064	128	17	and	and	CCONJ
ajfa-9064	128	18	the	the	DET
ajfa-9064	128	19	capital	capital	NOUN
ajfa-9064	128	20	cost	cost	NOUN
ajfa-9064	128	21	for	for	ADP
ajfa-9064	128	22	firms	firm	NOUN
ajfa-9064	128	23	in	in	ADP
ajfa-9064	128	24	this	this	DET
ajfa-9064	128	25	market	market	NOUN
ajfa-9064	128	26	will	will	AUX
ajfa-9064	128	27	be	be	AUX
ajfa-9064	128	28	higher	high	ADJ
ajfa-9064	128	29	.	.	PUNCT
ajfa-9064	129	1	in	in	ADP
ajfa-9064	129	2	other	other	ADJ
ajfa-9064	129	3	words	word	NOUN
ajfa-9064	129	4	,	,	PUNCT
ajfa-9064	129	5	the	the	DET
ajfa-9064	129	6	capital	capital	NOUN
ajfa-9064	129	7	cost	cost	NOUN
ajfa-9064	129	8	is	be	AUX
ajfa-9064	129	9	lower	low	ADJ
ajfa-9064	129	10	in	in	ADP
ajfa-9064	129	11	market	market	NOUN
ajfa-9064	129	12	with	with	ADP
ajfa-9064	129	13	higher	high	ADJ
ajfa-9064	129	14	liquidity	liquidity	NOUN
ajfa-9064	129	15	.	.	PUNCT
ajfa-9064	130	1	fang	fang	PROPN
ajfa-9064	130	2	et	et	PROPN
ajfa-9064	130	3	al	al	PROPN
ajfa-9064	130	4	.	.	PROPN
ajfa-9064	130	5	(	(	PUNCT
ajfa-9064	130	6	2009	2009	NUM
ajfa-9064	130	7	)	)	PUNCT
ajfa-9064	130	8	show	show	VERB
ajfa-9064	130	9	a	a	DET
ajfa-9064	130	10	positive	positive	ADJ
ajfa-9064	130	11	relation	relation	NOUN
ajfa-9064	130	12	between	between	ADP
ajfa-9064	130	13	stock	stock	NOUN
ajfa-9064	130	14	liquidity	liquidity	NOUN
ajfa-9064	130	15	and	and	CCONJ
ajfa-9064	130	16	firm	firm	ADJ
ajfa-9064	130	17	value	value	NOUN
ajfa-9064	130	18	.	.	PUNCT
ajfa-9064	131	1	from	from	ADP
ajfa-9064	131	2	firms	firm	NOUN
ajfa-9064	131	3	’	’	PART
ajfa-9064	131	4	point	point	NOUN
ajfa-9064	131	5	of	of	ADP
ajfa-9064	131	6	view	view	NOUN
ajfa-9064	131	7	,	,	PUNCT
ajfa-9064	131	8	higher	high	ADJ
ajfa-9064	131	9	stock	stock	NOUN
ajfa-9064	131	10	liquidity	liquidity	NOUN
ajfa-9064	131	11	means	mean	VERB
ajfa-9064	131	12	lower	low	ADJ
ajfa-9064	131	13	rate	rate	NOUN
ajfa-9064	131	14	of	of	ADP
ajfa-9064	131	15	return	return	NOUN
ajfa-9064	131	16	expected	expect	VERB
ajfa-9064	131	17	by	by	ADP
ajfa-9064	131	18	investors	investor	NOUN
ajfa-9064	131	19	.	.	PUNCT
ajfa-9064	132	1	increasing	increase	VERB
ajfa-9064	132	2	stock	stock	NOUN
ajfa-9064	132	3	liquidity	liquidity	NOUN
ajfa-9064	132	4	is	be	AUX
ajfa-9064	132	5	therefore	therefore	ADV
ajfa-9064	132	6	a	a	DET
ajfa-9064	132	7	way	way	NOUN
ajfa-9064	132	8	for	for	SCONJ
ajfa-9064	132	9	them	they	PRON
ajfa-9064	132	10	to	to	PART
ajfa-9064	132	11	reduce	reduce	VERB
ajfa-9064	132	12	capital	capital	NOUN
ajfa-9064	132	13	cost	cost	NOUN
ajfa-9064	132	14	and	and	CCONJ
ajfa-9064	132	15	increase	increase	VERB
ajfa-9064	132	16	firm	firm	ADJ
ajfa-9064	132	17	value	value	NOUN
ajfa-9064	132	18	.	.	PUNCT
ajfa-9064	133	1	besides	besides	SCONJ
ajfa-9064	133	2	,	,	PUNCT
ajfa-9064	133	3	maug	maug	NOUN
ajfa-9064	133	4	(	(	PUNCT
ajfa-9064	133	5	1998	1998	NUM
ajfa-9064	133	6	)	)	PUNCT
ajfa-9064	133	7	investigates	investigate	VERB
ajfa-9064	133	8	the	the	DET
ajfa-9064	133	9	relationship	relationship	NOUN
ajfa-9064	133	10	between	between	ADP
ajfa-9064	133	11	stock	stock	NOUN
ajfa-9064	133	12	liquidity	liquidity	NOUN
ajfa-9064	133	13	and	and	CCONJ
ajfa-9064	133	14	firm	firm	ADJ
ajfa-9064	133	15	governance	governance	NOUN
ajfa-9064	133	16	using	use	VERB
ajfa-9064	133	17	a	a	DET
ajfa-9064	133	18	self	self	NOUN
ajfa-9064	133	19	-	-	PUNCT
ajfa-9064	133	20	developed	develop	VERB
ajfa-9064	133	21	model	model	NOUN
ajfa-9064	133	22	and	and	CCONJ
ajfa-9064	133	23	finds	find	VERB
ajfa-9064	133	24	that	that	SCONJ
ajfa-9064	133	25	liquidity	liquidity	NOUN
ajfa-9064	133	26	provides	provide	VERB
ajfa-9064	133	27	an	an	DET
ajfa-9064	133	28	incentive	incentive	NOUN
ajfa-9064	133	29	for	for	SCONJ
ajfa-9064	133	30	large	large	ADJ
ajfa-9064	133	31	shareholders	shareholder	NOUN
ajfa-9064	133	32	to	to	PART
ajfa-9064	133	33	monitor	monitor	VERB
ajfa-9064	133	34	public	public	ADJ
ajfa-9064	133	35	corporations	corporation	NOUN
ajfa-9064	133	36	and	and	CCONJ
ajfa-9064	133	37	their	their	PRON
ajfa-9064	133	38	increased	increase	VERB
ajfa-9064	133	39	oversight	oversight	NOUN
ajfa-9064	133	40	will	will	AUX
ajfa-9064	133	41	lead	lead	VERB
ajfa-9064	133	42	to	to	ADP
ajfa-9064	133	43	better	well	ADJ
ajfa-9064	133	44	governance	governance	NOUN
ajfa-9064	133	45	of	of	ADP
ajfa-9064	133	46	the	the	DET
ajfa-9064	133	47	corporations	corporation	NOUN
ajfa-9064	133	48	.	.	PUNCT
ajfa-9064	134	1	ball	ball	NOUN
ajfa-9064	134	2	et	et	PROPN
ajfa-9064	134	3	al	al	PROPN
ajfa-9064	134	4	.	.	PUNCT
ajfa-9064	135	1	(	(	PUNCT
ajfa-9064	135	2	2000	2000	NUM
ajfa-9064	135	3	)	)	PUNCT
ajfa-9064	135	4	state	state	NOUN
ajfa-9064	135	5	that	that	SCONJ
ajfa-9064	135	6	the	the	DET
ajfa-9064	135	7	effectiveness	effectiveness	NOUN
ajfa-9064	135	8	of	of	ADP
ajfa-9064	135	9	corporate	corporate	ADJ
ajfa-9064	135	10	governance	governance	NOUN
ajfa-9064	135	11	mechanisms	mechanism	NOUN
ajfa-9064	135	12	depends	depend	VERB
ajfa-9064	135	13	on	on	ADP
ajfa-9064	135	14	whether	whether	SCONJ
ajfa-9064	135	15	financial	financial	ADJ
ajfa-9064	135	16	asian	asian	ADJ
ajfa-9064	135	17	journal	journal	NOUN
ajfa-9064	135	18	of	of	ADP
ajfa-9064	135	19	finance	finance	PROPN
ajfa-9064	135	20	&	&	CCONJ
ajfa-9064	135	21	accounting	accounting	PROPN
ajfa-9064	135	22	issn	issn	PROPN
ajfa-9064	135	23	1946	1946	NUM
ajfa-9064	135	24	-	-	PUNCT
ajfa-9064	135	25	052x	052x	PROPN
ajfa-9064	135	26	2016	2016	NUM
ajfa-9064	135	27	,	,	PUNCT
ajfa-9064	135	28	vol	vol	NOUN
ajfa-9064	135	29	.	.	PROPN
ajfa-9064	135	30	8	8	NUM
ajfa-9064	135	31	,	,	PUNCT
ajfa-9064	135	32	no	no	INTJ
ajfa-9064	135	33	.	.	NOUN
ajfa-9064	135	34	1	1	NUM
ajfa-9064	135	35	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9064	135	36	107	107	NUM
ajfa-9064	135	37	information	information	NOUN
ajfa-9064	135	38	is	be	AUX
ajfa-9064	135	39	reported	report	VERB
ajfa-9064	135	40	in	in	ADP
ajfa-9064	135	41	a	a	DET
ajfa-9064	135	42	fair	fair	ADJ
ajfa-9064	135	43	way	way	NOUN
ajfa-9064	135	44	that	that	PRON
ajfa-9064	135	45	allows	allow	VERB
ajfa-9064	135	46	shareholders	shareholder	NOUN
ajfa-9064	135	47	to	to	PART
ajfa-9064	135	48	exert	exert	VERB
ajfa-9064	135	49	their	their	PRON
ajfa-9064	135	50	oversight	oversight	NOUN
ajfa-9064	135	51	and	and	CCONJ
ajfa-9064	135	52	secure	secure	VERB
ajfa-9064	135	53	their	their	PRON
ajfa-9064	135	54	interest	interest	NOUN
ajfa-9064	135	55	.	.	PUNCT
ajfa-9064	136	1	markets	market	NOUN
ajfa-9064	136	2	with	with	ADP
ajfa-9064	136	3	lower	low	ADJ
ajfa-9064	136	4	liquidity	liquidity	NOUN
ajfa-9064	136	5	or	or	CCONJ
ajfa-9064	136	6	a	a	DET
ajfa-9064	136	7	lower	low	ADJ
ajfa-9064	136	8	ratio	ratio	NOUN
ajfa-9064	136	9	of	of	ADP
ajfa-9064	136	10	institutional	institutional	ADJ
ajfa-9064	136	11	investors	investor	NOUN
ajfa-9064	136	12	receive	receive	VERB
ajfa-9064	136	13	less	less	ADJ
ajfa-9064	136	14	attention	attention	NOUN
ajfa-9064	136	15	from	from	ADP
ajfa-9064	136	16	investors	investor	NOUN
ajfa-9064	136	17	,	,	PUNCT
ajfa-9064	136	18	so	so	SCONJ
ajfa-9064	136	19	information	information	NOUN
ajfa-9064	136	20	asymmetry	asymmetry	NOUN
ajfa-9064	136	21	is	be	AUX
ajfa-9064	136	22	usually	usually	ADV
ajfa-9064	136	23	higher	high	ADJ
ajfa-9064	136	24	in	in	ADP
ajfa-9064	136	25	this	this	DET
ajfa-9064	136	26	kind	kind	NOUN
ajfa-9064	136	27	of	of	ADP
ajfa-9064	136	28	markets	market	NOUN
ajfa-9064	136	29	.	.	PUNCT
ajfa-9064	137	1	high	high	ADJ
ajfa-9064	137	2	information	information	NOUN
ajfa-9064	137	3	asymmetry	asymmetry	NOUN
ajfa-9064	137	4	will	will	AUX
ajfa-9064	137	5	weaken	weaken	VERB
ajfa-9064	137	6	external	external	ADJ
ajfa-9064	137	7	oversight	oversight	NOUN
ajfa-9064	137	8	and	and	CCONJ
ajfa-9064	137	9	the	the	DET
ajfa-9064	137	10	positive	positive	ADJ
ajfa-9064	137	11	effect	effect	NOUN
ajfa-9064	137	12	of	of	ADP
ajfa-9064	137	13	corporate	corporate	ADJ
ajfa-9064	137	14	governance	governance	NOUN
ajfa-9064	137	15	on	on	ADP
ajfa-9064	137	16	the	the	DET
ajfa-9064	137	17	use	use	NOUN
ajfa-9064	137	18	efficiency	efficiency	NOUN
ajfa-9064	137	19	of	of	ADP
ajfa-9064	137	20	cash	cash	NOUN
ajfa-9064	137	21	holdings	holding	NOUN
ajfa-9064	137	22	.	.	PUNCT
ajfa-9064	138	1	last	last	ADJ
ajfa-9064	138	2	but	but	CCONJ
ajfa-9064	138	3	not	not	PART
ajfa-9064	138	4	least	least	ADJ
ajfa-9064	138	5	,	,	PUNCT
ajfa-9064	138	6	firm	firm	ADJ
ajfa-9064	138	7	size	size	NOUN
ajfa-9064	138	8	is	be	AUX
ajfa-9064	138	9	also	also	ADV
ajfa-9064	138	10	a	a	DET
ajfa-9064	138	11	key	key	ADJ
ajfa-9064	138	12	difference	difference	NOUN
ajfa-9064	138	13	between	between	ADP
ajfa-9064	138	14	the	the	DET
ajfa-9064	138	15	tse	tse	NOUN
ajfa-9064	138	16	market	market	NOUN
ajfa-9064	138	17	and	and	CCONJ
ajfa-9064	138	18	the	the	DET
ajfa-9064	138	19	otc	otc	PROPN
ajfa-9064	138	20	market	market	NOUN
ajfa-9064	138	21	.	.	PUNCT
ajfa-9064	139	1	the	the	DET
ajfa-9064	139	2	tse	tse	PROPN
ajfa-9064	139	3	market	market	NOUN
ajfa-9064	139	4	requires	require	VERB
ajfa-9064	139	5	firms	firm	NOUN
ajfa-9064	139	6	to	to	PART
ajfa-9064	139	7	have	have	VERB
ajfa-9064	139	8	an	an	DET
ajfa-9064	139	9	actual	actual	ADJ
ajfa-9064	139	10	paid	pay	VERB
ajfa-9064	139	11	-	-	PUNCT
ajfa-9064	139	12	in	in	ADP
ajfa-9064	139	13	capital	capital	NOUN
ajfa-9064	139	14	exceeding	exceed	VERB
ajfa-9064	139	15	nt$600	nt$600	ADP
ajfa-9064	139	16	million	million	NUM
ajfa-9064	139	17	,	,	PUNCT
ajfa-9064	139	18	while	while	SCONJ
ajfa-9064	139	19	the	the	DET
ajfa-9064	139	20	otc	otc	PROPN
ajfa-9064	139	21	market	market	NOUN
ajfa-9064	139	22	requires	require	VERB
ajfa-9064	139	23	only	only	ADV
ajfa-9064	139	24	a	a	DET
ajfa-9064	139	25	minimum	minimum	NOUN
ajfa-9064	139	26	of	of	ADP
ajfa-9064	139	27	nt$50	nt$50	NOUN
ajfa-9064	139	28	million	million	NUM
ajfa-9064	139	29	.	.	PUNCT
ajfa-9064	140	1	studies	study	NOUN
ajfa-9064	140	2	have	have	AUX
ajfa-9064	140	3	shown	show	VERB
ajfa-9064	140	4	that	that	SCONJ
ajfa-9064	140	5	some	some	PRON
ajfa-9064	140	6	of	of	ADP
ajfa-9064	140	7	the	the	DET
ajfa-9064	140	8	authority	authority	NOUN
ajfa-9064	140	9	’s	’s	PART
ajfa-9064	140	10	control	control	NOUN
ajfa-9064	140	11	mechanisms	mechanism	NOUN
ajfa-9064	140	12	have	have	VERB
ajfa-9064	140	13	different	different	ADJ
ajfa-9064	140	14	effects	effect	NOUN
ajfa-9064	140	15	on	on	ADP
ajfa-9064	140	16	firms	firm	NOUN
ajfa-9064	140	17	of	of	ADP
ajfa-9064	140	18	different	different	ADJ
ajfa-9064	140	19	sizes	size	NOUN
ajfa-9064	140	20	.	.	PUNCT
ajfa-9064	141	1	since	since	SCONJ
ajfa-9064	141	2	the	the	DET
ajfa-9064	141	3	end	end	NOUN
ajfa-9064	141	4	of	of	ADP
ajfa-9064	141	5	2001	2001	NUM
ajfa-9064	141	6	,	,	PUNCT
ajfa-9064	141	7	many	many	ADJ
ajfa-9064	141	8	financial	financial	ADJ
ajfa-9064	141	9	scandals	scandal	NOUN
ajfa-9064	141	10	in	in	ADP
ajfa-9064	141	11	the	the	DET
ajfa-9064	141	12	us	us	PROPN
ajfa-9064	141	13	have	have	AUX
ajfa-9064	141	14	been	be	AUX
ajfa-9064	141	15	reported	report	VERB
ajfa-9064	141	16	.	.	PUNCT
ajfa-9064	142	1	in	in	ADP
ajfa-9064	142	2	order	order	NOUN
ajfa-9064	142	3	to	to	PART
ajfa-9064	142	4	recover	recover	VERB
ajfa-9064	142	5	investors	investor	NOUN
ajfa-9064	142	6	’	'	PUNCT
ajfa-9064	142	7	confidence	confidence	NOUN
ajfa-9064	142	8	in	in	ADP
ajfa-9064	142	9	public	public	ADJ
ajfa-9064	142	10	corporations	corporation	NOUN
ajfa-9064	142	11	,	,	PUNCT
ajfa-9064	142	12	the	the	DET
ajfa-9064	142	13	us	us	PROPN
ajfa-9064	142	14	congress	congress	PROPN
ajfa-9064	142	15	passed	pass	VERB
ajfa-9064	142	16	sox	sox	PROPN
ajfa-9064	142	17	in	in	ADP
ajfa-9064	142	18	2002	2002	NUM
ajfa-9064	142	19	in	in	ADP
ajfa-9064	142	20	a	a	DET
ajfa-9064	142	21	relatively	relatively	ADV
ajfa-9064	142	22	prompt	prompt	ADJ
ajfa-9064	142	23	manner	manner	NOUN
ajfa-9064	142	24	.	.	PUNCT
ajfa-9064	143	1	sox	sox	PROPN
ajfa-9064	143	2	prescribes	prescribe	VERB
ajfa-9064	143	3	that	that	SCONJ
ajfa-9064	143	4	all	all	DET
ajfa-9064	143	5	public	public	ADJ
ajfa-9064	143	6	corporations	corporation	NOUN
ajfa-9064	143	7	shall	shall	AUX
ajfa-9064	143	8	set	set	VERB
ajfa-9064	143	9	up	up	ADP
ajfa-9064	143	10	an	an	DET
ajfa-9064	143	11	audit	audit	NOUN
ajfa-9064	143	12	committee	committee	NOUN
ajfa-9064	143	13	.	.	PUNCT
ajfa-9064	144	1	after	after	SCONJ
ajfa-9064	144	2	this	this	DET
ajfa-9064	144	3	law	law	NOUN
ajfa-9064	144	4	went	go	VERB
ajfa-9064	144	5	into	into	ADP
ajfa-9064	144	6	effect	effect	NOUN
ajfa-9064	144	7	,	,	PUNCT
ajfa-9064	144	8	all	all	DET
ajfa-9064	144	9	firms	firm	NOUN
ajfa-9064	144	10	whose	whose	DET
ajfa-9064	144	11	stocks	stock	NOUN
ajfa-9064	144	12	are	be	AUX
ajfa-9064	144	13	traded	trade	VERB
ajfa-9064	144	14	in	in	ADP
ajfa-9064	144	15	any	any	DET
ajfa-9064	144	16	capital	capital	NOUN
ajfa-9064	144	17	market	market	NOUN
ajfa-9064	144	18	(	(	PUNCT
ajfa-9064	144	19	including	include	VERB
ajfa-9064	144	20	the	the	DET
ajfa-9064	144	21	otc	otc	PROPN
ajfa-9064	144	22	market	market	NOUN
ajfa-9064	144	23	)	)	PUNCT
ajfa-9064	144	24	must	must	AUX
ajfa-9064	144	25	comply	comply	VERB
ajfa-9064	144	26	with	with	ADP
ajfa-9064	144	27	this	this	DET
ajfa-9064	144	28	new	new	ADJ
ajfa-9064	144	29	requirement	requirement	NOUN
ajfa-9064	144	30	.	.	PUNCT
ajfa-9064	145	1	it	it	PRON
ajfa-9064	145	2	should	should	AUX
ajfa-9064	145	3	be	be	AUX
ajfa-9064	145	4	noted	note	VERB
ajfa-9064	145	5	that	that	SCONJ
ajfa-9064	145	6	sox	sox	PROPN
ajfa-9064	145	7	does	do	AUX
ajfa-9064	145	8	not	not	PART
ajfa-9064	145	9	have	have	VERB
ajfa-9064	145	10	different	different	ADJ
ajfa-9064	145	11	regulations	regulation	NOUN
ajfa-9064	145	12	for	for	ADP
ajfa-9064	145	13	firms	firm	NOUN
ajfa-9064	145	14	of	of	ADP
ajfa-9064	145	15	different	different	ADJ
ajfa-9064	145	16	sizes	size	NOUN
ajfa-9064	145	17	.	.	PUNCT
ajfa-9064	146	1	as	as	ADP
ajfa-9064	146	2	a	a	DET
ajfa-9064	146	3	result	result	NOUN
ajfa-9064	146	4	,	,	PUNCT
ajfa-9064	146	5	since	since	SCONJ
ajfa-9064	146	6	implementation	implementation	NOUN
ajfa-9064	146	7	,	,	PUNCT
ajfa-9064	146	8	this	this	DET
ajfa-9064	146	9	law	law	NOUN
ajfa-9064	146	10	has	have	AUX
ajfa-9064	146	11	incurred	incur	VERB
ajfa-9064	146	12	a	a	DET
ajfa-9064	146	13	huge	huge	ADJ
ajfa-9064	146	14	compliance	compliance	NOUN
ajfa-9064	146	15	cost4	cost4	NOUN
ajfa-9064	146	16	to	to	ADP
ajfa-9064	146	17	a	a	DET
ajfa-9064	146	18	portion	portion	NOUN
ajfa-9064	146	19	of	of	ADP
ajfa-9064	146	20	small	small	ADJ
ajfa-9064	146	21	companies	company	NOUN
ajfa-9064	146	22	.	.	PUNCT
ajfa-9064	147	1	the	the	DET
ajfa-9064	147	2	compliance	compliance	NOUN
ajfa-9064	147	3	cost	cost	NOUN
ajfa-9064	147	4	includes	include	VERB
ajfa-9064	147	5	the	the	DET
ajfa-9064	147	6	cost	cost	NOUN
ajfa-9064	147	7	of	of	ADP
ajfa-9064	147	8	additional	additional	ADJ
ajfa-9064	147	9	human	human	ADJ
ajfa-9064	147	10	resources	resource	NOUN
ajfa-9064	147	11	,	,	PUNCT
ajfa-9064	147	12	the	the	DET
ajfa-9064	147	13	cost	cost	NOUN
ajfa-9064	147	14	of	of	ADP
ajfa-9064	147	15	consulting	consulting	NOUN
ajfa-9064	147	16	,	,	PUNCT
ajfa-9064	147	17	the	the	DET
ajfa-9064	147	18	cost	cost	NOUN
ajfa-9064	147	19	of	of	ADP
ajfa-9064	147	20	information	information	NOUN
ajfa-9064	147	21	technology	technology	NOUN
ajfa-9064	147	22	,	,	PUNCT
ajfa-9064	147	23	and	and	CCONJ
ajfa-9064	147	24	additional	additional	ADJ
ajfa-9064	147	25	audit	audit	NOUN
ajfa-9064	147	26	fees	fee	NOUN
ajfa-9064	147	27	.	.	PUNCT
ajfa-9064	148	1	holmstrom	holmstrom	NOUN
ajfa-9064	148	2	and	and	CCONJ
ajfa-9064	148	3	kaplan	kaplan	PROPN
ajfa-9064	148	4	(	(	PUNCT
ajfa-9064	148	5	2003	2003	NUM
ajfa-9064	148	6	)	)	PUNCT
ajfa-9064	148	7	mention	mention	VERB
ajfa-9064	148	8	that	that	SCONJ
ajfa-9064	148	9	this	this	DET
ajfa-9064	148	10	compliance	compliance	NOUN
ajfa-9064	148	11	cost	cost	NOUN
ajfa-9064	148	12	is	be	AUX
ajfa-9064	148	13	a	a	DET
ajfa-9064	148	14	heavy	heavy	ADJ
ajfa-9064	148	15	burden	burden	NOUN
ajfa-9064	148	16	for	for	ADP
ajfa-9064	148	17	small	small	ADJ
ajfa-9064	148	18	firms	firm	NOUN
ajfa-9064	148	19	.	.	PUNCT
ajfa-9064	149	1	in	in	ADP
ajfa-9064	149	2	order	order	NOUN
ajfa-9064	149	3	to	to	PART
ajfa-9064	149	4	avoid	avoid	VERB
ajfa-9064	149	5	the	the	DET
ajfa-9064	149	6	complicated	complicated	ADJ
ajfa-9064	149	7	procedures	procedure	NOUN
ajfa-9064	149	8	and	and	CCONJ
ajfa-9064	149	9	the	the	DET
ajfa-9064	149	10	high	high	ADJ
ajfa-9064	149	11	cost	cost	NOUN
ajfa-9064	149	12	of	of	ADP
ajfa-9064	149	13	complying	comply	VERB
ajfa-9064	149	14	with	with	ADP
ajfa-9064	149	15	sox	sox	PROPN
ajfa-9064	149	16	requirements	requirement	NOUN
ajfa-9064	149	17	,	,	PUNCT
ajfa-9064	149	18	small	small	ADJ
ajfa-9064	149	19	firms	firm	NOUN
ajfa-9064	149	20	in	in	ADP
ajfa-9064	149	21	the	the	DET
ajfa-9064	149	22	us	us	PROPN
ajfa-9064	149	23	are	be	AUX
ajfa-9064	149	24	inclined	inclined	ADJ
ajfa-9064	149	25	to	to	PART
ajfa-9064	149	26	reduce	reduce	VERB
ajfa-9064	149	27	the	the	DET
ajfa-9064	149	28	amount	amount	NOUN
ajfa-9064	149	29	of	of	ADP
ajfa-9064	149	30	its	its	PRON
ajfa-9064	149	31	outstanding	outstanding	ADJ
ajfa-9064	149	32	shares	share	NOUN
ajfa-9064	149	33	or	or	CCONJ
ajfa-9064	149	34	directly	directly	ADV
ajfa-9064	149	35	apply	apply	VERB
ajfa-9064	149	36	for	for	ADP
ajfa-9064	149	37	withdrawal	withdrawal	NOUN
ajfa-9064	149	38	from	from	ADP
ajfa-9064	149	39	the	the	DET
ajfa-9064	149	40	market	market	NOUN
ajfa-9064	149	41	(	(	PUNCT
ajfa-9064	149	42	akhigbe	akhigbe	NOUN
ajfa-9064	149	43	and	and	CCONJ
ajfa-9064	149	44	martin	martin	PROPN
ajfa-9064	149	45	,	,	PUNCT
ajfa-9064	149	46	2006	2006	NUM
ajfa-9064	149	47	;	;	PUNCT
ajfa-9064	149	48	block	block	NOUN
ajfa-9064	149	49	,	,	PUNCT
ajfa-9064	149	50	2004	2004	NUM
ajfa-9064	149	51	;	;	PUNCT
ajfa-9064	149	52	koehn	koehn	NOUN
ajfa-9064	149	53	and	and	CCONJ
ajfa-9064	149	54	del	del	X
ajfa-9064	149	55	vecehio	vecehio	NOUN
ajfa-9064	149	56	,	,	PUNCT
ajfa-9064	149	57	2004	2004	NUM
ajfa-9064	149	58	;	;	PUNCT
ajfa-9064	149	59	mount	mount	PROPN
ajfa-9064	149	60	,	,	PUNCT
ajfa-9064	149	61	2005	2005	NUM
ajfa-9064	149	62	)	)	PUNCT
ajfa-9064	149	63	.	.	PUNCT
ajfa-9064	150	1	according	accord	VERB
ajfa-9064	150	2	to	to	ADP
ajfa-9064	150	3	blundell	blundell	PROPN
ajfa-9064	150	4	and	and	CCONJ
ajfa-9064	150	5	robinson	robinson	PROPN
ajfa-9064	150	6	(	(	PUNCT
ajfa-9064	150	7	2000	2000	NUM
ajfa-9064	150	8	)	)	PUNCT
ajfa-9064	150	9	,	,	PUNCT
ajfa-9064	150	10	the	the	DET
ajfa-9064	150	11	total	total	ADJ
ajfa-9064	150	12	compliance	compliance	NOUN
ajfa-9064	150	13	cost	cost	NOUN
ajfa-9064	150	14	of	of	ADP
ajfa-9064	150	15	federal	federal	ADJ
ajfa-9064	150	16	regulations	regulation	NOUN
ajfa-9064	150	17	for	for	ADP
ajfa-9064	150	18	public	public	ADJ
ajfa-9064	150	19	firms	firm	NOUN
ajfa-9064	150	20	in	in	ADP
ajfa-9064	150	21	the	the	DET
ajfa-9064	150	22	us	us	PROPN
ajfa-9064	150	23	is	be	AUX
ajfa-9064	150	24	around	around	ADV
ajfa-9064	150	25	us$700	us$700	NUM
ajfa-9064	150	26	billion	billion	NUM
ajfa-9064	150	27	,	,	PUNCT
ajfa-9064	150	28	about	about	ADV
ajfa-9064	150	29	30	30	NUM
ajfa-9064	150	30	times	time	NOUN
ajfa-9064	150	31	the	the	DET
ajfa-9064	150	32	cost	cost	NOUN
ajfa-9064	150	33	of	of	ADP
ajfa-9064	150	34	all	all	DET
ajfa-9064	150	35	the	the	DET
ajfa-9064	150	36	administrative	administrative	ADJ
ajfa-9064	150	37	agencies	agency	NOUN
ajfa-9064	150	38	in	in	ADP
ajfa-9064	150	39	the	the	DET
ajfa-9064	150	40	us	us	PROPN
ajfa-9064	150	41	.	.	PUNCT
ajfa-9064	151	1	spence	spence	NOUN
ajfa-9064	151	2	(	(	PUNCT
ajfa-9064	151	3	2001	2001	NUM
ajfa-9064	151	4	)	)	PUNCT
ajfa-9064	151	5	points	point	VERB
ajfa-9064	151	6	out	out	ADP
ajfa-9064	151	7	that	that	SCONJ
ajfa-9064	151	8	small	small	ADJ
ajfa-9064	151	9	and	and	CCONJ
ajfa-9064	151	10	medium	medium	ADJ
ajfa-9064	151	11	-	-	PUNCT
ajfa-9064	151	12	sized	sized	ADJ
ajfa-9064	151	13	firms	firm	NOUN
ajfa-9064	151	14	suffer	suffer	VERB
ajfa-9064	151	15	a	a	DET
ajfa-9064	151	16	greater	great	ADJ
ajfa-9064	151	17	deficiency	deficiency	NOUN
ajfa-9064	151	18	of	of	ADP
ajfa-9064	151	19	resources	resource	NOUN
ajfa-9064	151	20	for	for	ADP
ajfa-9064	151	21	coping	cope	VERB
ajfa-9064	151	22	with	with	ADP
ajfa-9064	151	23	this	this	DET
ajfa-9064	151	24	cost	cost	NOUN
ajfa-9064	151	25	compared	compare	VERB
ajfa-9064	151	26	to	to	ADP
ajfa-9064	151	27	large	large	ADJ
ajfa-9064	151	28	ones	one	NOUN
ajfa-9064	151	29	.	.	PUNCT
ajfa-9064	152	1	chittenden	chittenden	PROPN
ajfa-9064	152	2	et	et	PROPN
ajfa-9064	152	3	al	al	PROPN
ajfa-9064	152	4	.	.	PROPN
ajfa-9064	153	1	(	(	PUNCT
ajfa-9064	153	2	2002	2002	NUM
ajfa-9064	153	3	;	;	PUNCT
ajfa-9064	153	4	2003	2003	NUM
ajfa-9064	153	5	)	)	PUNCT
ajfa-9064	153	6	survey	survey	VERB
ajfa-9064	153	7	the	the	DET
ajfa-9064	153	8	compliance	compliance	NOUN
ajfa-9064	153	9	cost	cost	NOUN
ajfa-9064	153	10	for	for	ADP
ajfa-9064	153	11	firms	firm	NOUN
ajfa-9064	153	12	in	in	ADP
ajfa-9064	153	13	the	the	DET
ajfa-9064	153	14	us	us	PROPN
ajfa-9064	153	15	,	,	PUNCT
ajfa-9064	153	16	uk	uk	PROPN
ajfa-9064	153	17	,	,	PUNCT
ajfa-9064	153	18	australia	australia	PROPN
ajfa-9064	153	19	,	,	PUNCT
ajfa-9064	153	20	and	and	CCONJ
ajfa-9064	153	21	new	new	PROPN
ajfa-9064	153	22	zealand	zealand	PROPN
ajfa-9064	153	23	.	.	PUNCT
ajfa-9064	154	1	their	their	PRON
ajfa-9064	154	2	finding	finding	NOUN
ajfa-9064	154	3	confirms	confirm	VERB
ajfa-9064	154	4	that	that	SCONJ
ajfa-9064	154	5	the	the	DET
ajfa-9064	154	6	compliance	compliance	NOUN
ajfa-9064	154	7	cost	cost	NOUN
ajfa-9064	154	8	is	be	AUX
ajfa-9064	154	9	higher	high	ADJ
ajfa-9064	154	10	for	for	ADP
ajfa-9064	154	11	small	small	ADJ
ajfa-9064	154	12	firms	firm	NOUN
ajfa-9064	154	13	than	than	ADP
ajfa-9064	154	14	for	for	ADP
ajfa-9064	154	15	large	large	ADJ
ajfa-9064	154	16	ones	one	NOUN
ajfa-9064	154	17	.	.	PUNCT
ajfa-9064	155	1	michaelis	michaelis	PROPN
ajfa-9064	155	2	et	et	PROPN
ajfa-9064	155	3	al	al	PROPN
ajfa-9064	155	4	.	.	PROPN
ajfa-9064	156	1	(	(	PUNCT
ajfa-9064	156	2	2001	2001	NUM
ajfa-9064	156	3	)	)	PUNCT
ajfa-9064	156	4	show	show	VERB
ajfa-9064	156	5	that	that	SCONJ
ajfa-9064	156	6	small	small	ADJ
ajfa-9064	156	7	and	and	CCONJ
ajfa-9064	156	8	medium	medium	ADJ
ajfa-9064	156	9	-	-	PUNCT
ajfa-9064	156	10	sized	sized	ADJ
ajfa-9064	156	11	companies	company	NOUN
ajfa-9064	156	12	need	need	VERB
ajfa-9064	156	13	to	to	PART
ajfa-9064	156	14	spend	spend	VERB
ajfa-9064	156	15	30	30	NUM
ajfa-9064	156	16	%	%	NOUN
ajfa-9064	156	17	more	more	ADJ
ajfa-9064	156	18	time	time	NOUN
ajfa-9064	156	19	on	on	ADP
ajfa-9064	156	20	administrative	administrative	ADJ
ajfa-9064	156	21	tasks	task	NOUN
ajfa-9064	156	22	and	and	CCONJ
ajfa-9064	156	23	a	a	DET
ajfa-9064	156	24	20	20	NUM
ajfa-9064	156	25	%	%	NOUN
ajfa-9064	156	26	more	more	ADJ
ajfa-9064	156	27	labor	labor	NOUN
ajfa-9064	156	28	cost	cost	NOUN
ajfa-9064	156	29	to	to	PART
ajfa-9064	156	30	meet	meet	VERB
ajfa-9064	156	31	the	the	DET
ajfa-9064	156	32	requirements	requirement	NOUN
ajfa-9064	156	33	of	of	ADP
ajfa-9064	156	34	related	related	ADJ
ajfa-9064	156	35	regulations	regulation	NOUN
ajfa-9064	156	36	compared	compare	VERB
ajfa-9064	156	37	to	to	ADP
ajfa-9064	156	38	large	large	ADJ
ajfa-9064	156	39	firms	firm	NOUN
ajfa-9064	156	40	.	.	PUNCT
ajfa-9064	157	1	bull	bull	NOUN
ajfa-9064	157	2	and	and	CCONJ
ajfa-9064	157	3	sharp	sharp	ADJ
ajfa-9064	157	4	(	(	PUNCT
ajfa-9064	157	5	1989	1989	NUM
ajfa-9064	157	6	)	)	PUNCT
ajfa-9064	157	7	mention	mention	VERB
ajfa-9064	157	8	that	that	SCONJ
ajfa-9064	157	9	firms	firm	NOUN
ajfa-9064	157	10	must	must	AUX
ajfa-9064	157	11	bear	bear	VERB
ajfa-9064	157	12	a	a	DET
ajfa-9064	157	13	certain	certain	ADJ
ajfa-9064	157	14	cost	cost	NOUN
ajfa-9064	157	15	to	to	PART
ajfa-9064	157	16	have	have	AUX
ajfa-9064	157	17	independent	independent	ADJ
ajfa-9064	157	18	directors	director	NOUN
ajfa-9064	157	19	or	or	CCONJ
ajfa-9064	157	20	set	set	VERB
ajfa-9064	157	21	up	up	ADP
ajfa-9064	157	22	an	an	DET
ajfa-9064	157	23	audit	audit	NOUN
ajfa-9064	157	24	committee	committee	NOUN
ajfa-9064	157	25	.	.	PUNCT
ajfa-9064	158	1	from	from	ADP
ajfa-9064	158	2	the	the	DET
ajfa-9064	158	3	economic	economic	ADJ
ajfa-9064	158	4	efficiency	efficiency	NOUN
ajfa-9064	158	5	perspective	perspective	NOUN
ajfa-9064	158	6	,	,	PUNCT
ajfa-9064	158	7	the	the	DET
ajfa-9064	158	8	cost	cost	NOUN
ajfa-9064	158	9	can	can	AUX
ajfa-9064	158	10	bring	bring	VERB
ajfa-9064	158	11	more	more	ADJ
ajfa-9064	158	12	benefits	benefit	NOUN
ajfa-9064	158	13	to	to	ADP
ajfa-9064	158	14	larger	large	ADJ
ajfa-9064	158	15	firms	firm	NOUN
ajfa-9064	158	16	.	.	PUNCT
ajfa-9064	159	1	digabriele	digabriele	NOUN
ajfa-9064	159	2	(	(	PUNCT
ajfa-9064	159	3	2008	2008	NUM
ajfa-9064	159	4	)	)	PUNCT
ajfa-9064	159	5	finds	find	VERB
ajfa-9064	159	6	that	that	SCONJ
ajfa-9064	159	7	since	since	SCONJ
ajfa-9064	159	8	implementation	implementation	NOUN
ajfa-9064	159	9	of	of	ADP
ajfa-9064	159	10	sox	sox	PROPN
ajfa-9064	159	11	,	,	PUNCT
ajfa-9064	159	12	nonpublic	nonpublic	ADJ
ajfa-9064	159	13	firms	firm	NOUN
ajfa-9064	159	14	have	have	AUX
ajfa-9064	159	15	suffered	suffer	VERB
ajfa-9064	159	16	a	a	DET
ajfa-9064	159	17	significant	significant	ADJ
ajfa-9064	159	18	increase	increase	NOUN
ajfa-9064	159	19	in	in	ADP
ajfa-9064	159	20	loss	loss	NOUN
ajfa-9064	159	21	of	of	ADP
ajfa-9064	159	22	firm	firm	ADJ
ajfa-9064	159	23	value	value	NOUN
ajfa-9064	159	24	.	.	PUNCT
ajfa-9064	160	1	menon	menon	PROPN
ajfa-9064	160	2	and	and	CCONJ
ajfa-9064	160	3	williams	williams	PROPN
ajfa-9064	160	4	(	(	PUNCT
ajfa-9064	160	5	1994	1994	NUM
ajfa-9064	160	6	)	)	PUNCT
ajfa-9064	160	7	show	show	VERB
ajfa-9064	160	8	that	that	SCONJ
ajfa-9064	160	9	firms	firm	NOUN
ajfa-9064	160	10	with	with	ADP
ajfa-9064	160	11	a	a	DET
ajfa-9064	160	12	larger	large	ADJ
ajfa-9064	160	13	board	board	NOUN
ajfa-9064	160	14	can	can	AUX
ajfa-9064	160	15	benefit	benefit	VERB
ajfa-9064	160	16	more	more	ADV
ajfa-9064	160	17	from	from	ADP
ajfa-9064	160	18	setting	set	VERB
ajfa-9064	160	19	up	up	ADP
ajfa-9064	160	20	an	an	DET
ajfa-9064	160	21	audit	audit	NOUN
ajfa-9064	160	22	committee	committee	NOUN
ajfa-9064	160	23	.	.	PUNCT
ajfa-9064	161	1	besides	besides	SCONJ
ajfa-9064	161	2	,	,	PUNCT
ajfa-9064	161	3	larger	large	ADJ
ajfa-9064	161	4	firms	firm	NOUN
ajfa-9064	161	5	are	be	AUX
ajfa-9064	161	6	harder	hard	ADJ
ajfa-9064	161	7	to	to	PART
ajfa-9064	161	8	monitor	monitor	VERB
ajfa-9064	161	9	,	,	PUNCT
ajfa-9064	161	10	so	so	SCONJ
ajfa-9064	161	11	the	the	DET
ajfa-9064	161	12	presence	presence	NOUN
ajfa-9064	161	13	of	of	ADP
ajfa-9064	161	14	an	an	DET
ajfa-9064	161	15	audit	audit	NOUN
ajfa-9064	161	16	committee	committee	NOUN
ajfa-9064	161	17	is	be	AUX
ajfa-9064	161	18	more	more	ADV
ajfa-9064	161	19	essential	essential	ADJ
ajfa-9064	161	20	for	for	ADP
ajfa-9064	161	21	larger	large	ADJ
ajfa-9064	161	22	firms	firm	NOUN
ajfa-9064	161	23	.	.	PUNCT
ajfa-9064	162	1	abbott	abbott	PROPN
ajfa-9064	162	2	et	et	PROPN
ajfa-9064	162	3	al	al	PROPN
ajfa-9064	162	4	.	.	PROPN
ajfa-9064	163	1	(	(	PUNCT
ajfa-9064	163	2	2003	2003	NUM
ajfa-9064	163	3	)	)	PUNCT
ajfa-9064	163	4	argue	argue	VERB
ajfa-9064	163	5	that	that	SCONJ
ajfa-9064	163	6	although	although	SCONJ
ajfa-9064	163	7	the	the	DET
ajfa-9064	163	8	audit	audit	NOUN
ajfa-9064	163	9	committee	committee	NOUN
ajfa-9064	163	10	can	can	AUX
ajfa-9064	163	11	help	help	VERB
ajfa-9064	163	12	increase	increase	VERB
ajfa-9064	163	13	the	the	DET
ajfa-9064	163	14	reliability	reliability	NOUN
ajfa-9064	163	15	of	of	ADP
ajfa-9064	163	16	financial	financial	ADJ
ajfa-9064	163	17	statements	statement	NOUN
ajfa-9064	163	18	,	,	PUNCT
ajfa-9064	163	19	the	the	DET
ajfa-9064	163	20	higher	high	ADJ
ajfa-9064	163	21	audit	audit	NOUN
ajfa-9064	163	22	assurance	assurance	NOUN
ajfa-9064	163	23	it	it	PRON
ajfa-9064	163	24	demands	demand	VERB
ajfa-9064	163	25	will	will	AUX
ajfa-9064	163	26	increase	increase	VERB
ajfa-9064	163	27	the	the	DET
ajfa-9064	163	28	audit	audit	NOUN
ajfa-9064	163	29	fees	fee	NOUN
ajfa-9064	163	30	.	.	PUNCT
ajfa-9064	164	1	in	in	ADP
ajfa-9064	164	2	taiwan	taiwan	PROPN
ajfa-9064	164	3	,	,	PUNCT
ajfa-9064	164	4	tse	tse	NOUN
ajfa-9064	164	5	-	-	PUNCT
ajfa-9064	164	6	listed	list	VERB
ajfa-9064	164	7	firms	firm	NOUN
ajfa-9064	164	8	are	be	AUX
ajfa-9064	164	9	significantly	significantly	ADV
ajfa-9064	164	10	larger	large	ADJ
ajfa-9064	164	11	than	than	ADP
ajfa-9064	164	12	otc	otc	NOUN
ajfa-9064	164	13	-	-	PUNCT
ajfa-9064	164	14	listed	list	VERB
ajfa-9064	164	15	firms	firm	NOUN
ajfa-9064	164	16	.	.	PUNCT
ajfa-9064	165	1	larger	large	ADJ
ajfa-9064	165	2	firms	firm	NOUN
ajfa-9064	165	3	are	be	AUX
ajfa-9064	165	4	more	more	ADV
ajfa-9064	165	5	capable	capable	ADJ
ajfa-9064	165	6	to	to	PART
ajfa-9064	165	7	afford	afford	VERB
ajfa-9064	165	8	all	all	DET
ajfa-9064	165	9	the	the	DET
ajfa-9064	165	10	asian	asian	ADJ
ajfa-9064	165	11	journal	journal	NOUN
ajfa-9064	165	12	of	of	ADP
ajfa-9064	165	13	finance	finance	PROPN
ajfa-9064	165	14	&	&	CCONJ
ajfa-9064	165	15	accounting	accounting	PROPN
ajfa-9064	165	16	issn	issn	PROPN
ajfa-9064	165	17	1946	1946	NUM
ajfa-9064	165	18	-	-	PUNCT
ajfa-9064	165	19	052x	052x	PROPN
ajfa-9064	165	20	2016	2016	NUM
ajfa-9064	165	21	,	,	PUNCT
ajfa-9064	165	22	vol	vol	NOUN
ajfa-9064	165	23	.	.	PROPN
ajfa-9064	165	24	8	8	NUM
ajfa-9064	165	25	,	,	PUNCT
ajfa-9064	165	26	no	no	INTJ
ajfa-9064	165	27	.	.	NOUN
ajfa-9064	165	28	1	1	NUM
ajfa-9064	165	29	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9064	165	30	108	108	NUM
ajfa-9064	165	31	costs	cost	NOUN
ajfa-9064	165	32	of	of	ADP
ajfa-9064	165	33	an	an	DET
ajfa-9064	165	34	audit	audit	NOUN
ajfa-9064	165	35	committee	committee	NOUN
ajfa-9064	165	36	.	.	PUNCT
ajfa-9064	166	1	therefore	therefore	ADV
ajfa-9064	166	2	,	,	PUNCT
ajfa-9064	166	3	the	the	DET
ajfa-9064	166	4	benefits	benefit	NOUN
ajfa-9064	166	5	of	of	ADP
ajfa-9064	166	6	setting	set	VERB
ajfa-9064	166	7	up	up	ADP
ajfa-9064	166	8	an	an	DET
ajfa-9064	166	9	audit	audit	NOUN
ajfa-9064	166	10	committee	committee	NOUN
ajfa-9064	166	11	are	be	AUX
ajfa-9064	166	12	certainly	certainly	ADV
ajfa-9064	166	13	more	more	ADV
ajfa-9064	166	14	pronounced	pronounce	VERB
ajfa-9064	166	15	in	in	ADP
ajfa-9064	166	16	larger	large	ADJ
ajfa-9064	166	17	firms	firm	NOUN
ajfa-9064	166	18	.	.	PUNCT
ajfa-9064	167	1	otc	otc	ADJ
ajfa-9064	167	2	-	-	PUNCT
ajfa-9064	167	3	listed	list	VERB
ajfa-9064	167	4	firms	firm	NOUN
ajfa-9064	167	5	are	be	AUX
ajfa-9064	167	6	smaller	small	ADJ
ajfa-9064	167	7	in	in	ADP
ajfa-9064	167	8	nature	nature	NOUN
ajfa-9064	167	9	.	.	PUNCT
ajfa-9064	168	1	in	in	ADP
ajfa-9064	168	2	addition	addition	NOUN
ajfa-9064	168	3	to	to	ADP
ajfa-9064	168	4	the	the	DET
ajfa-9064	168	5	necessity	necessity	NOUN
ajfa-9064	168	6	,	,	PUNCT
ajfa-9064	168	7	they	they	PRON
ajfa-9064	168	8	need	need	VERB
ajfa-9064	168	9	to	to	PART
ajfa-9064	168	10	consider	consider	VERB
ajfa-9064	168	11	the	the	DET
ajfa-9064	168	12	costs	cost	NOUN
ajfa-9064	168	13	and	and	CCONJ
ajfa-9064	168	14	benefits	benefit	NOUN
ajfa-9064	168	15	of	of	ADP
ajfa-9064	168	16	an	an	DET
ajfa-9064	168	17	audit	audit	NOUN
ajfa-9064	168	18	committee	committee	NOUN
ajfa-9064	168	19	.	.	PUNCT
ajfa-9064	169	1	if	if	SCONJ
ajfa-9064	169	2	the	the	DET
ajfa-9064	169	3	costs	cost	NOUN
ajfa-9064	169	4	exceed	exceed	VERB
ajfa-9064	169	5	the	the	DET
ajfa-9064	169	6	benefits	benefit	NOUN
ajfa-9064	169	7	,	,	PUNCT
ajfa-9064	169	8	setting	set	VERB
ajfa-9064	169	9	up	up	ADP
ajfa-9064	169	10	an	an	DET
ajfa-9064	169	11	audit	audit	NOUN
ajfa-9064	169	12	committee	committee	NOUN
ajfa-9064	169	13	may	may	AUX
ajfa-9064	169	14	contrarily	contrarily	ADV
ajfa-9064	169	15	reduce	reduce	VERB
ajfa-9064	169	16	their	their	PRON
ajfa-9064	169	17	overall	overall	ADJ
ajfa-9064	169	18	performance	performance	NOUN
ajfa-9064	169	19	.	.	PUNCT
ajfa-9064	170	1	in	in	ADP
ajfa-9064	170	2	summary	summary	NOUN
ajfa-9064	170	3	,	,	PUNCT
ajfa-9064	170	4	the	the	DET
ajfa-9064	170	5	tse	tse	NOUN
ajfa-9064	170	6	market	market	NOUN
ajfa-9064	170	7	has	have	VERB
ajfa-9064	170	8	a	a	DET
ajfa-9064	170	9	higher	high	ADJ
ajfa-9064	170	10	ratio	ratio	NOUN
ajfa-9064	170	11	of	of	ADP
ajfa-9064	170	12	institutional	institutional	ADJ
ajfa-9064	170	13	investors	investor	NOUN
ajfa-9064	170	14	than	than	ADP
ajfa-9064	170	15	the	the	DET
ajfa-9064	170	16	otc	otc	PROPN
ajfa-9064	170	17	market	market	NOUN
ajfa-9064	170	18	.	.	PUNCT
ajfa-9064	171	1	the	the	DET
ajfa-9064	171	2	effect	effect	NOUN
ajfa-9064	171	3	of	of	ADP
ajfa-9064	171	4	setting	set	VERB
ajfa-9064	171	5	up	up	ADP
ajfa-9064	171	6	an	an	DET
ajfa-9064	171	7	audit	audit	NOUN
ajfa-9064	171	8	committee	committee	NOUN
ajfa-9064	171	9	on	on	ADP
ajfa-9064	171	10	the	the	DET
ajfa-9064	171	11	value	value	NOUN
ajfa-9064	171	12	of	of	ADP
ajfa-9064	171	13	cash	cash	NOUN
ajfa-9064	171	14	holdings	holding	NOUN
ajfa-9064	171	15	may	may	AUX
ajfa-9064	171	16	be	be	AUX
ajfa-9064	171	17	weaker	weak	ADJ
ajfa-9064	171	18	in	in	ADP
ajfa-9064	171	19	the	the	DET
ajfa-9064	171	20	otc	otc	PROPN
ajfa-9064	171	21	market	market	NOUN
ajfa-9064	171	22	that	that	PRON
ajfa-9064	171	23	is	be	AUX
ajfa-9064	171	24	dominated	dominate	VERB
ajfa-9064	171	25	by	by	ADP
ajfa-9064	171	26	individual	individual	ADJ
ajfa-9064	171	27	investors	investor	NOUN
ajfa-9064	171	28	.	.	PUNCT
ajfa-9064	172	1	in	in	ADP
ajfa-9064	172	2	terms	term	NOUN
ajfa-9064	172	3	of	of	ADP
ajfa-9064	172	4	stock	stock	NOUN
ajfa-9064	172	5	liquidity	liquidity	NOUN
ajfa-9064	172	6	,	,	PUNCT
ajfa-9064	172	7	the	the	DET
ajfa-9064	172	8	liquidity	liquidity	NOUN
ajfa-9064	172	9	is	be	AUX
ajfa-9064	172	10	higher	high	ADJ
ajfa-9064	172	11	in	in	ADP
ajfa-9064	172	12	the	the	DET
ajfa-9064	172	13	tse	tse	NOUN
ajfa-9064	172	14	market	market	NOUN
ajfa-9064	172	15	than	than	ADP
ajfa-9064	172	16	in	in	ADP
ajfa-9064	172	17	the	the	DET
ajfa-9064	172	18	otc	otc	PROPN
ajfa-9064	172	19	market	market	NOUN
ajfa-9064	172	20	.	.	PUNCT
ajfa-9064	173	1	in	in	ADP
ajfa-9064	173	2	a	a	DET
ajfa-9064	173	3	less	less	ADV
ajfa-9064	173	4	liquid	liquid	ADJ
ajfa-9064	173	5	market	market	NOUN
ajfa-9064	173	6	,	,	PUNCT
ajfa-9064	173	7	investors	investor	NOUN
ajfa-9064	173	8	pay	pay	VERB
ajfa-9064	173	9	less	less	ADJ
ajfa-9064	173	10	attention	attention	NOUN
ajfa-9064	173	11	to	to	ADP
ajfa-9064	173	12	financial	financial	ADJ
ajfa-9064	173	13	information	information	NOUN
ajfa-9064	173	14	disclosed	disclose	VERB
ajfa-9064	173	15	by	by	ADP
ajfa-9064	173	16	firms	firm	NOUN
ajfa-9064	173	17	.	.	PUNCT
ajfa-9064	174	1	since	since	SCONJ
ajfa-9064	174	2	external	external	ADJ
ajfa-9064	174	3	oversight	oversight	NOUN
ajfa-9064	174	4	is	be	AUX
ajfa-9064	174	5	weak	weak	ADJ
ajfa-9064	174	6	,	,	PUNCT
ajfa-9064	174	7	the	the	DET
ajfa-9064	174	8	presence	presence	NOUN
ajfa-9064	174	9	of	of	ADP
ajfa-9064	174	10	an	an	DET
ajfa-9064	174	11	audit	audit	NOUN
ajfa-9064	174	12	committee	committee	NOUN
ajfa-9064	174	13	alone	alone	ADV
ajfa-9064	174	14	can	can	AUX
ajfa-9064	174	15	not	not	PART
ajfa-9064	174	16	help	help	VERB
ajfa-9064	174	17	reflect	reflect	VERB
ajfa-9064	174	18	the	the	DET
ajfa-9064	174	19	effect	effect	NOUN
ajfa-9064	174	20	of	of	ADP
ajfa-9064	174	21	higher	high	ADJ
ajfa-9064	174	22	efficiency	efficiency	NOUN
ajfa-9064	174	23	of	of	ADP
ajfa-9064	174	24	cash	cash	NOUN
ajfa-9064	174	25	holdings	holding	NOUN
ajfa-9064	174	26	on	on	ADP
ajfa-9064	174	27	stork	stork	NOUN
ajfa-9064	174	28	returns	return	NOUN
ajfa-9064	174	29	.	.	PUNCT
ajfa-9064	175	1	besides	besides	SCONJ
ajfa-9064	175	2	,	,	PUNCT
ajfa-9064	175	3	compared	compare	VERB
ajfa-9064	175	4	to	to	ADP
ajfa-9064	175	5	tse	tse	VERB
ajfa-9064	175	6	-	-	PUNCT
ajfa-9064	175	7	listed	list	VERB
ajfa-9064	175	8	firms	firm	NOUN
ajfa-9064	175	9	,	,	PUNCT
ajfa-9064	175	10	otc	otc	PROPN
ajfa-9064	175	11	-	-	PUNCT
ajfa-9064	175	12	listed	list	VERB
ajfa-9064	175	13	firms	firm	NOUN
ajfa-9064	175	14	are	be	AUX
ajfa-9064	175	15	smaller	small	ADJ
ajfa-9064	175	16	in	in	ADP
ajfa-9064	175	17	size	size	NOUN
ajfa-9064	175	18	.	.	PUNCT
ajfa-9064	176	1	as	as	SCONJ
ajfa-9064	176	2	mentioned	mention	VERB
ajfa-9064	176	3	above	above	ADV
ajfa-9064	176	4	,	,	PUNCT
ajfa-9064	176	5	the	the	DET
ajfa-9064	176	6	compliance	compliance	NOUN
ajfa-9064	176	7	cost	cost	NOUN
ajfa-9064	176	8	will	will	AUX
ajfa-9064	176	9	be	be	AUX
ajfa-9064	176	10	higher	high	ADJ
ajfa-9064	176	11	for	for	ADP
ajfa-9064	176	12	otc	otc	NOUN
ajfa-9064	176	13	-	-	PUNCT
ajfa-9064	176	14	listed	list	VERB
ajfa-9064	176	15	firms	firm	NOUN
ajfa-9064	176	16	.	.	PUNCT
ajfa-9064	177	1	we	we	PRON
ajfa-9064	177	2	argue	argue	VERB
ajfa-9064	177	3	that	that	SCONJ
ajfa-9064	177	4	the	the	DET
ajfa-9064	177	5	high	high	ADJ
ajfa-9064	177	6	compliance	compliance	NOUN
ajfa-9064	177	7	cost	cost	NOUN
ajfa-9064	177	8	will	will	AUX
ajfa-9064	177	9	mitigate	mitigate	VERB
ajfa-9064	177	10	the	the	DET
ajfa-9064	177	11	increase	increase	NOUN
ajfa-9064	177	12	in	in	ADP
ajfa-9064	177	13	the	the	DET
ajfa-9064	177	14	value	value	NOUN
ajfa-9064	177	15	of	of	ADP
ajfa-9064	177	16	cash	cash	NOUN
ajfa-9064	177	17	holdings	holding	NOUN
ajfa-9064	177	18	resulting	result	VERB
ajfa-9064	177	19	from	from	ADP
ajfa-9064	177	20	setting	set	VERB
ajfa-9064	177	21	up	up	ADP
ajfa-9064	177	22	an	an	DET
ajfa-9064	177	23	audit	audit	NOUN
ajfa-9064	177	24	committee	committee	NOUN
ajfa-9064	177	25	.	.	PUNCT
ajfa-9064	178	1	based	base	VERB
ajfa-9064	178	2	on	on	ADP
ajfa-9064	178	3	the	the	DET
ajfa-9064	178	4	above	above	ADJ
ajfa-9064	178	5	discussion	discussion	NOUN
ajfa-9064	178	6	,	,	PUNCT
ajfa-9064	178	7	we	we	PRON
ajfa-9064	178	8	propose	propose	VERB
ajfa-9064	178	9	the	the	DET
ajfa-9064	178	10	following	follow	VERB
ajfa-9064	178	11	hypothesis	hypothesis	NOUN
ajfa-9064	178	12	:	:	PUNCT
ajfa-9064	178	13	h2	h2	NOUN
ajfa-9064	178	14	:	:	PUNCT
ajfa-9064	178	15	the	the	DET
ajfa-9064	178	16	presence	presence	NOUN
ajfa-9064	178	17	of	of	ADP
ajfa-9064	178	18	an	an	DET
ajfa-9064	178	19	audit	audit	NOUN
ajfa-9064	178	20	committee	committee	NOUN
ajfa-9064	178	21	can	can	AUX
ajfa-9064	178	22	generate	generate	VERB
ajfa-9064	178	23	a	a	DET
ajfa-9064	178	24	higher	high	ADJ
ajfa-9064	178	25	increase	increase	NOUN
ajfa-9064	178	26	in	in	ADP
ajfa-9064	178	27	the	the	DET
ajfa-9064	178	28	marginal	marginal	ADJ
ajfa-9064	178	29	value	value	NOUN
ajfa-9064	178	30	of	of	ADP
ajfa-9064	178	31	cash	cash	NOUN
ajfa-9064	178	32	holdings	holding	NOUN
ajfa-9064	178	33	for	for	ADP
ajfa-9064	178	34	tse	tse	NOUN
ajfa-9064	178	35	-	-	PUNCT
ajfa-9064	178	36	listed	list	VERB
ajfa-9064	178	37	firms	firm	NOUN
ajfa-9064	178	38	than	than	ADP
ajfa-9064	178	39	for	for	ADP
ajfa-9064	178	40	otc	otc	NOUN
ajfa-9064	178	41	-	-	PUNCT
ajfa-9064	178	42	listed	list	VERB
ajfa-9064	178	43	ones	one	NOUN
ajfa-9064	178	44	.	.	PUNCT
ajfa-9064	179	1	3	3	X
ajfa-9064	179	2	.	.	X
ajfa-9064	179	3	method	method	VERB
ajfa-9064	179	4	3.1	3.1	NUM
ajfa-9064	179	5	sample	sample	NOUN
ajfa-9064	179	6	composition	composition	NOUN
ajfa-9064	179	7	the	the	DET
ajfa-9064	179	8	sample	sample	NOUN
ajfa-9064	179	9	consists	consist	VERB
ajfa-9064	179	10	of	of	ADP
ajfa-9064	179	11	tse	tse	NOUN
ajfa-9064	179	12	-	-	PUNCT
ajfa-9064	179	13	listed	list	VERB
ajfa-9064	179	14	firms	firm	NOUN
ajfa-9064	179	15	and	and	CCONJ
ajfa-9064	179	16	otc	otc	PROPN
ajfa-9064	179	17	-	-	PUNCT
ajfa-9064	179	18	listed	list	VERB
ajfa-9064	179	19	firms	firm	NOUN
ajfa-9064	179	20	.	.	PUNCT
ajfa-9064	180	1	article	article	NOUN
ajfa-9064	180	2	14	14	NUM
ajfa-9064	180	3	-	-	SYM
ajfa-9064	180	4	4	4	NUM
ajfa-9064	180	5	of	of	ADP
ajfa-9064	180	6	the	the	DET
ajfa-9064	180	7	securities	security	NOUN
ajfa-9064	180	8	and	and	CCONJ
ajfa-9064	180	9	exchange	exchange	PROPN
ajfa-9064	180	10	act	act	NOUN
ajfa-9064	180	11	prescribes	prescribe	VERB
ajfa-9064	180	12	that	that	SCONJ
ajfa-9064	180	13	all	all	DET
ajfa-9064	180	14	public	public	ADJ
ajfa-9064	180	15	firms	firm	NOUN
ajfa-9064	180	16	shall	shall	AUX
ajfa-9064	180	17	establish	establish	VERB
ajfa-9064	180	18	either	either	CCONJ
ajfa-9064	180	19	an	an	DET
ajfa-9064	180	20	audit	audit	NOUN
ajfa-9064	180	21	committee	committee	NOUN
ajfa-9064	180	22	or	or	CCONJ
ajfa-9064	180	23	a	a	DET
ajfa-9064	180	24	supervisor	supervisor	NOUN
ajfa-9064	180	25	starting	start	VERB
ajfa-9064	180	26	in	in	ADP
ajfa-9064	180	27	jan	jan	PROPN
ajfa-9064	180	28	1	1	NUM
ajfa-9064	180	29	,	,	PUNCT
ajfa-9064	180	30	2007	2007	NUM
ajfa-9064	180	31	.	.	PUNCT
ajfa-9064	181	1	our	our	PRON
ajfa-9064	181	2	sample	sample	NOUN
ajfa-9064	181	3	period	period	NOUN
ajfa-9064	181	4	is	be	AUX
ajfa-9064	181	5	between	between	ADP
ajfa-9064	181	6	2007	2007	NUM
ajfa-9064	181	7	and	and	CCONJ
ajfa-9064	181	8	2010	2010	NUM
ajfa-9064	181	9	.	.	PUNCT
ajfa-9064	182	1	excluding	exclude	VERB
ajfa-9064	182	2	foreign	foreign	ADJ
ajfa-9064	182	3	firms	firm	NOUN
ajfa-9064	182	4	that	that	PRON
ajfa-9064	182	5	went	go	VERB
ajfa-9064	182	6	public	public	ADJ
ajfa-9064	182	7	in	in	ADP
ajfa-9064	182	8	taiwan	taiwan	PROPN
ajfa-9064	182	9	,	,	PUNCT
ajfa-9064	182	10	a	a	DET
ajfa-9064	182	11	total	total	NOUN
ajfa-9064	182	12	of	of	ADP
ajfa-9064	182	13	31	31	NUM
ajfa-9064	182	14	firms	firm	NOUN
ajfa-9064	182	15	do	do	AUX
ajfa-9064	182	16	not	not	PART
ajfa-9064	182	17	have	have	VERB
ajfa-9064	182	18	data	datum	NOUN
ajfa-9064	182	19	before	before	ADP
ajfa-9064	182	20	establishment	establishment	NOUN
ajfa-9064	182	21	of	of	ADP
ajfa-9064	182	22	an	an	DET
ajfa-9064	182	23	audit	audit	NOUN
ajfa-9064	182	24	committee	committee	NOUN
ajfa-9064	182	25	for	for	ADP
ajfa-9064	182	26	comparison	comparison	NOUN
ajfa-9064	182	27	.	.	PUNCT
ajfa-9064	183	1	the	the	DET
ajfa-9064	183	2	final	final	ADJ
ajfa-9064	183	3	sample	sample	NOUN
ajfa-9064	183	4	consists	consist	VERB
ajfa-9064	183	5	of	of	ADP
ajfa-9064	183	6	28	28	NUM
ajfa-9064	183	7	firms	firm	NOUN
ajfa-9064	183	8	.	.	PUNCT
ajfa-9064	184	1	of	of	ADP
ajfa-9064	184	2	these	these	DET
ajfa-9064	184	3	firms	firm	NOUN
ajfa-9064	184	4	,	,	PUNCT
ajfa-9064	184	5	16	16	NUM
ajfa-9064	184	6	are	be	AUX
ajfa-9064	184	7	tse	tse	NOUN
ajfa-9064	184	8	-	-	PUNCT
ajfa-9064	184	9	listed	list	VERB
ajfa-9064	184	10	and	and	CCONJ
ajfa-9064	184	11	12	12	NUM
ajfa-9064	184	12	are	be	AUX
ajfa-9064	184	13	otc	otc	NOUN
ajfa-9064	184	14	-	-	PUNCT
ajfa-9064	184	15	listed	list	VERB
ajfa-9064	184	16	.	.	PUNCT
ajfa-9064	185	1	in	in	ADP
ajfa-9064	185	2	terms	term	NOUN
ajfa-9064	185	3	of	of	ADP
ajfa-9064	185	4	distribution	distribution	NOUN
ajfa-9064	185	5	of	of	ADP
ajfa-9064	185	6	industries	industry	NOUN
ajfa-9064	185	7	,	,	PUNCT
ajfa-9064	185	8	most	most	ADJ
ajfa-9064	185	9	firms	firm	NOUN
ajfa-9064	185	10	are	be	AUX
ajfa-9064	185	11	from	from	ADP
ajfa-9064	185	12	the	the	DET
ajfa-9064	185	13	electronics	electronics	NOUN
ajfa-9064	185	14	industry	industry	NOUN
ajfa-9064	185	15	(	(	PUNCT
ajfa-9064	185	16	86	86	NUM
ajfa-9064	185	17	%	%	NOUN
ajfa-9064	185	18	)	)	PUNCT
ajfa-9064	185	19	.	.	PUNCT
ajfa-9064	186	1	in	in	ADP
ajfa-9064	186	2	terms	term	NOUN
ajfa-9064	186	3	of	of	ADP
ajfa-9064	186	4	intention	intention	NOUN
ajfa-9064	186	5	to	to	PART
ajfa-9064	186	6	establish	establish	VERB
ajfa-9064	186	7	an	an	DET
ajfa-9064	186	8	audit	audit	NOUN
ajfa-9064	186	9	committee	committee	NOUN
ajfa-9064	186	10	,	,	PUNCT
ajfa-9064	186	11	approximately	approximately	ADV
ajfa-9064	186	12	86	86	NUM
ajfa-9064	186	13	%	%	NOUN
ajfa-9064	186	14	of	of	ADP
ajfa-9064	186	15	the	the	DET
ajfa-9064	186	16	firms	firm	NOUN
ajfa-9064	186	17	set	set	VERB
ajfa-9064	186	18	up	up	ADP
ajfa-9064	186	19	an	an	DET
ajfa-9064	186	20	audit	audit	NOUN
ajfa-9064	186	21	committee	committee	NOUN
ajfa-9064	186	22	voluntarily	voluntarily	ADV
ajfa-9064	186	23	.	.	PUNCT
ajfa-9064	187	1	the	the	DET
ajfa-9064	187	2	purpose	purpose	NOUN
ajfa-9064	187	3	of	of	ADP
ajfa-9064	187	4	this	this	DET
ajfa-9064	187	5	study	study	NOUN
ajfa-9064	187	6	is	be	AUX
ajfa-9064	187	7	to	to	PART
ajfa-9064	187	8	investigate	investigate	VERB
ajfa-9064	187	9	whether	whether	SCONJ
ajfa-9064	187	10	the	the	DET
ajfa-9064	187	11	improvement	improvement	NOUN
ajfa-9064	187	12	in	in	ADP
ajfa-9064	187	13	firm	firm	ADJ
ajfa-9064	187	14	value	value	NOUN
ajfa-9064	187	15	contributed	contribute	VERB
ajfa-9064	187	16	by	by	ADP
ajfa-9064	187	17	one	one	NUM
ajfa-9064	187	18	unit	unit	NOUN
ajfa-9064	187	19	of	of	ADP
ajfa-9064	187	20	cash	cash	NOUN
ajfa-9064	187	21	holdings	holding	NOUN
ajfa-9064	187	22	after	after	ADP
ajfa-9064	187	23	setting	set	VERB
ajfa-9064	187	24	up	up	ADP
ajfa-9064	187	25	an	an	DET
ajfa-9064	187	26	audit	audit	NOUN
ajfa-9064	187	27	committee	committee	NOUN
ajfa-9064	187	28	is	be	AUX
ajfa-9064	187	29	greater	great	ADJ
ajfa-9064	187	30	than	than	ADP
ajfa-9064	187	31	the	the	DET
ajfa-9064	187	32	improvement	improvement	NOUN
ajfa-9064	187	33	before	before	ADP
ajfa-9064	187	34	setting	set	VERB
ajfa-9064	187	35	up	up	ADP
ajfa-9064	187	36	an	an	DET
ajfa-9064	187	37	audit	audit	NOUN
ajfa-9064	187	38	committee	committee	NOUN
ajfa-9064	187	39	.	.	PUNCT
ajfa-9064	188	1	we	we	PRON
ajfa-9064	188	2	define	define	VERB
ajfa-9064	188	3	the	the	DET
ajfa-9064	188	4	period	period	NOUN
ajfa-9064	188	5	from	from	ADP
ajfa-9064	188	6	the	the	DET
ajfa-9064	188	7	year	year	NOUN
ajfa-9064	188	8	when	when	SCONJ
ajfa-9064	188	9	an	an	DET
ajfa-9064	188	10	audit	audit	NOUN
ajfa-9064	188	11	committee	committee	NOUN
ajfa-9064	188	12	is	be	AUX
ajfa-9064	188	13	established	establish	VERB
ajfa-9064	188	14	to	to	ADP
ajfa-9064	188	15	the	the	DET
ajfa-9064	188	16	end	end	NOUN
ajfa-9064	188	17	of	of	ADP
ajfa-9064	188	18	the	the	DET
ajfa-9064	188	19	next	next	ADJ
ajfa-9064	188	20	year	year	NOUN
ajfa-9064	188	21	as	as	ADP
ajfa-9064	188	22	the	the	DET
ajfa-9064	188	23	post	post	ADJ
ajfa-9064	188	24	-	-	ADJ
ajfa-9064	188	25	establishment	establishment	ADJ
ajfa-9064	188	26	period	period	NOUN
ajfa-9064	188	27	,	,	PUNCT
ajfa-9064	188	28	and	and	CCONJ
ajfa-9064	188	29	the	the	DET
ajfa-9064	188	30	two	two	NUM
ajfa-9064	188	31	-	-	PUNCT
ajfa-9064	188	32	year	year	NOUN
ajfa-9064	188	33	period	period	NOUN
ajfa-9064	188	34	prior	prior	ADV
ajfa-9064	188	35	to	to	ADP
ajfa-9064	188	36	establishment	establishment	NOUN
ajfa-9064	188	37	of	of	ADP
ajfa-9064	188	38	the	the	DET
ajfa-9064	188	39	committee	committee	NOUN
ajfa-9064	188	40	as	as	ADP
ajfa-9064	188	41	the	the	DET
ajfa-9064	188	42	pre	pre	ADJ
ajfa-9064	188	43	-	-	ADJ
ajfa-9064	188	44	establishment	establishment	ADJ
ajfa-9064	188	45	period	period	NOUN
ajfa-9064	188	46	.	.	PUNCT
ajfa-9064	189	1	for	for	ADP
ajfa-9064	189	2	instance	instance	NOUN
ajfa-9064	189	3	,	,	PUNCT
ajfa-9064	189	4	if	if	SCONJ
ajfa-9064	189	5	a	a	DET
ajfa-9064	189	6	firm	firm	NOUN
ajfa-9064	189	7	establishes	establish	VERB
ajfa-9064	189	8	an	an	DET
ajfa-9064	189	9	audit	audit	NOUN
ajfa-9064	189	10	committee	committee	NOUN
ajfa-9064	189	11	in	in	ADP
ajfa-9064	189	12	2007	2007	NUM
ajfa-9064	189	13	,	,	PUNCT
ajfa-9064	189	14	its	its	PRON
ajfa-9064	189	15	post	post	ADJ
ajfa-9064	189	16	-	-	ADJ
ajfa-9064	189	17	establishment	establishment	ADJ
ajfa-9064	189	18	period	period	NOUN
ajfa-9064	189	19	is	be	AUX
ajfa-9064	189	20	between	between	ADP
ajfa-9064	189	21	2007	2007	NUM
ajfa-9064	189	22	and	and	CCONJ
ajfa-9064	189	23	2008	2008	NUM
ajfa-9064	189	24	,	,	PUNCT
ajfa-9064	189	25	and	and	CCONJ
ajfa-9064	189	26	its	its	PRON
ajfa-9064	189	27	pre	pre	ADJ
ajfa-9064	189	28	-	-	ADJ
ajfa-9064	189	29	establishment	establishment	ADJ
ajfa-9064	189	30	period	period	NOUN
ajfa-9064	189	31	is	be	AUX
ajfa-9064	189	32	between	between	ADP
ajfa-9064	189	33	2005	2005	NUM
ajfa-9064	189	34	and	and	CCONJ
ajfa-9064	189	35	2006	2006	NUM
ajfa-9064	189	36	.	.	PUNCT
ajfa-9064	190	1	hence	hence	ADV
ajfa-9064	190	2	,	,	PUNCT
ajfa-9064	190	3	our	our	PRON
ajfa-9064	190	4	observations	observation	NOUN
ajfa-9064	190	5	span	span	VERB
ajfa-9064	190	6	from	from	ADP
ajfa-9064	190	7	2005	2005	NUM
ajfa-9064	190	8	to	to	ADP
ajfa-9064	190	9	2011	2011	NUM
ajfa-9064	190	10	.	.	PUNCT
ajfa-9064	191	1	each	each	DET
ajfa-9064	191	2	sample	sample	NOUN
ajfa-9064	191	3	firm	firm	NOUN
ajfa-9064	191	4	has	have	VERB
ajfa-9064	191	5	data	datum	NOUN
ajfa-9064	191	6	across	across	ADP
ajfa-9064	191	7	four	four	NUM
ajfa-9064	191	8	years	year	NOUN
ajfa-9064	191	9	.	.	PUNCT
ajfa-9064	192	1	from	from	ADP
ajfa-9064	192	2	28	28	NUM
ajfa-9064	192	3	sample	sample	NOUN
ajfa-9064	192	4	firms	firm	NOUN
ajfa-9064	192	5	,	,	PUNCT
ajfa-9064	192	6	we	we	PRON
ajfa-9064	192	7	collect	collect	VERB
ajfa-9064	192	8	a	a	DET
ajfa-9064	192	9	total	total	NOUN
ajfa-9064	192	10	of	of	ADP
ajfa-9064	192	11	112	112	NUM
ajfa-9064	192	12	observations	observation	NOUN
ajfa-9064	192	13	.	.	PUNCT
ajfa-9064	193	1	in	in	ADP
ajfa-9064	193	2	addition	addition	NOUN
ajfa-9064	193	3	to	to	ADP
ajfa-9064	193	4	differences	difference	NOUN
ajfa-9064	193	5	between	between	ADP
ajfa-9064	193	6	the	the	DET
ajfa-9064	193	7	pre	pre	ADJ
ajfa-9064	193	8	-	-	ADJ
ajfa-9064	193	9	establishment	establishment	ADJ
ajfa-9064	193	10	period	period	NOUN
ajfa-9064	193	11	and	and	CCONJ
ajfa-9064	193	12	the	the	DET
ajfa-9064	193	13	post	post	ADJ
ajfa-9064	193	14	-	-	ADJ
ajfa-9064	193	15	establishment	establishment	ADJ
ajfa-9064	193	16	period	period	NOUN
ajfa-9064	193	17	,	,	PUNCT
ajfa-9064	193	18	we	we	PRON
ajfa-9064	193	19	also	also	ADV
ajfa-9064	193	20	analyze	analyze	VERB
ajfa-9064	193	21	differences	difference	NOUN
ajfa-9064	193	22	between	between	ADP
ajfa-9064	193	23	firms	firm	NOUN
ajfa-9064	193	24	with	with	ADP
ajfa-9064	193	25	an	an	DET
ajfa-9064	193	26	audit	audit	NOUN
ajfa-9064	193	27	committee	committee	NOUN
ajfa-9064	193	28	and	and	CCONJ
ajfa-9064	193	29	firms	firm	NOUN
ajfa-9064	193	30	without	without	ADP
ajfa-9064	193	31	.	.	PUNCT
ajfa-9064	194	1	thus	thus	ADV
ajfa-9064	194	2	,	,	PUNCT
ajfa-9064	194	3	we	we	PRON
ajfa-9064	194	4	adopt	adopt	VERB
ajfa-9064	194	5	the	the	DET
ajfa-9064	194	6	difference	difference	NOUN
ajfa-9064	194	7	-	-	PUNCT
ajfa-9064	194	8	in	in	ADP
ajfa-9064	194	9	-	-	PUNCT
ajfa-9064	194	10	differences	difference	NOUN
ajfa-9064	194	11	method	method	NOUN
ajfa-9064	194	12	.	.	PUNCT
ajfa-9064	195	1	in	in	ADP
ajfa-9064	195	2	this	this	DET
ajfa-9064	195	3	method	method	NOUN
ajfa-9064	195	4	,	,	PUNCT
ajfa-9064	195	5	we	we	PRON
ajfa-9064	195	6	classify	classify	VERB
ajfa-9064	195	7	firms	firm	NOUN
ajfa-9064	195	8	with	with	ADP
ajfa-9064	195	9	asian	asian	ADJ
ajfa-9064	195	10	journal	journal	NOUN
ajfa-9064	195	11	of	of	ADP
ajfa-9064	195	12	finance	finance	PROPN
ajfa-9064	195	13	&	&	CCONJ
ajfa-9064	195	14	accounting	accounting	PROPN
ajfa-9064	195	15	issn	issn	PROPN
ajfa-9064	195	16	1946	1946	NUM
ajfa-9064	195	17	-	-	PUNCT
ajfa-9064	195	18	052x	052x	PROPN
ajfa-9064	195	19	2016	2016	NUM
ajfa-9064	195	20	,	,	PUNCT
ajfa-9064	195	21	vol	vol	NOUN
ajfa-9064	195	22	.	.	PROPN
ajfa-9064	195	23	8	8	NUM
ajfa-9064	195	24	,	,	PUNCT
ajfa-9064	195	25	no	no	INTJ
ajfa-9064	195	26	.	.	NOUN
ajfa-9064	195	27	1	1	NUM
ajfa-9064	195	28	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9064	195	29	109	109	NUM
ajfa-9064	195	30	an	an	DET
ajfa-9064	195	31	audit	audit	NOUN
ajfa-9064	195	32	committee	committee	NOUN
ajfa-9064	195	33	into	into	ADP
ajfa-9064	195	34	the	the	DET
ajfa-9064	195	35	treatment	treatment	NOUN
ajfa-9064	195	36	group	group	NOUN
ajfa-9064	195	37	and	and	CCONJ
ajfa-9064	195	38	firms	firm	NOUN
ajfa-9064	195	39	without	without	ADP
ajfa-9064	195	40	into	into	ADP
ajfa-9064	195	41	the	the	DET
ajfa-9064	195	42	control	control	NOUN
ajfa-9064	195	43	group	group	NOUN
ajfa-9064	195	44	.	.	PUNCT
ajfa-9064	196	1	to	to	PART
ajfa-9064	196	2	avoid	avoid	VERB
ajfa-9064	196	3	the	the	DET
ajfa-9064	196	4	effect	effect	NOUN
ajfa-9064	196	5	of	of	ADP
ajfa-9064	196	6	a	a	DET
ajfa-9064	196	7	large	large	ADJ
ajfa-9064	196	8	size	size	NOUN
ajfa-9064	196	9	difference	difference	NOUN
ajfa-9064	196	10	between	between	ADP
ajfa-9064	196	11	the	the	DET
ajfa-9064	196	12	two	two	NUM
ajfa-9064	196	13	groups	group	NOUN
ajfa-9064	196	14	,	,	PUNCT
ajfa-9064	196	15	we	we	PRON
ajfa-9064	196	16	adopt	adopt	VERB
ajfa-9064	196	17	a	a	DET
ajfa-9064	196	18	pairing	pair	VERB
ajfa-9064	196	19	approach	approach	NOUN
ajfa-9064	196	20	which	which	PRON
ajfa-9064	196	21	involves	involve	VERB
ajfa-9064	196	22	choosing	choose	VERB
ajfa-9064	196	23	one	one	NUM
ajfa-9064	196	24	firm	firm	NOUN
ajfa-9064	196	25	for	for	ADP
ajfa-9064	196	26	each	each	DET
ajfa-9064	196	27	firm	firm	NOUN
ajfa-9064	196	28	in	in	ADP
ajfa-9064	196	29	the	the	DET
ajfa-9064	196	30	treatment	treatment	NOUN
ajfa-9064	196	31	group	group	NOUN
ajfa-9064	196	32	.	.	PUNCT
ajfa-9064	197	1	to	to	PART
ajfa-9064	197	2	build	build	VERB
ajfa-9064	197	3	the	the	DET
ajfa-9064	197	4	paired	pair	VERB
ajfa-9064	197	5	sample	sample	NOUN
ajfa-9064	197	6	,	,	PUNCT
ajfa-9064	197	7	we	we	PRON
ajfa-9064	197	8	have	have	VERB
ajfa-9064	197	9	to	to	PART
ajfa-9064	197	10	select	select	VERB
ajfa-9064	197	11	firms	firm	NOUN
ajfa-9064	197	12	which	which	PRON
ajfa-9064	197	13	have	have	AUX
ajfa-9064	197	14	not	not	PART
ajfa-9064	197	15	set	set	VERB
ajfa-9064	197	16	up	up	ADP
ajfa-9064	197	17	an	an	DET
ajfa-9064	197	18	audit	audit	NOUN
ajfa-9064	197	19	committee	committee	NOUN
ajfa-9064	197	20	during	during	ADP
ajfa-9064	197	21	2007~2010	2007~2010	NUM
ajfa-9064	197	22	.	.	PUNCT
ajfa-9064	198	1	market	market	NOUN
ajfa-9064	198	2	,	,	PUNCT
ajfa-9064	198	3	industry	industry	NOUN
ajfa-9064	198	4	,	,	PUNCT
ajfa-9064	198	5	and	and	CCONJ
ajfa-9064	198	6	firm	firm	ADJ
ajfa-9064	198	7	size	size	NOUN
ajfa-9064	198	8	are	be	AUX
ajfa-9064	198	9	all	all	PRON
ajfa-9064	198	10	considered	consider	VERB
ajfa-9064	198	11	in	in	ADP
ajfa-9064	198	12	the	the	DET
ajfa-9064	198	13	selection	selection	NOUN
ajfa-9064	198	14	process	process	NOUN
ajfa-9064	198	15	,	,	PUNCT
ajfa-9064	198	16	and	and	CCONJ
ajfa-9064	198	17	firm	firm	ADJ
ajfa-9064	198	18	size	size	NOUN
ajfa-9064	198	19	is	be	AUX
ajfa-9064	198	20	measured	measure	VERB
ajfa-9064	198	21	by	by	ADP
ajfa-9064	198	22	the	the	DET
ajfa-9064	198	23	market	market	NOUN
ajfa-9064	198	24	value	value	NOUN
ajfa-9064	198	25	of	of	ADP
ajfa-9064	198	26	equity	equity	NOUN
ajfa-9064	198	27	.	.	PUNCT
ajfa-9064	199	1	each	each	DET
ajfa-9064	199	2	sample	sample	NOUN
ajfa-9064	199	3	firm	firm	NOUN
ajfa-9064	199	4	has	have	VERB
ajfa-9064	199	5	a	a	DET
ajfa-9064	199	6	different	different	ADJ
ajfa-9064	199	7	paired	pair	VERB
ajfa-9064	199	8	firm	firm	NOUN
ajfa-9064	199	9	in	in	ADP
ajfa-9064	199	10	each	each	DET
ajfa-9064	199	11	year	year	NOUN
ajfa-9064	199	12	.	.	PUNCT
ajfa-9064	200	1	for	for	ADP
ajfa-9064	200	2	the	the	DET
ajfa-9064	200	3	28	28	NUM
ajfa-9064	200	4	sample	sample	NOUN
ajfa-9064	200	5	firms	firm	NOUN
ajfa-9064	200	6	over	over	ADP
ajfa-9064	200	7	the	the	DET
ajfa-9064	200	8	four	four	NUM
ajfa-9064	200	9	-	-	PUNCT
ajfa-9064	200	10	year	year	NOUN
ajfa-9064	200	11	period	period	NOUN
ajfa-9064	200	12	from	from	ADP
ajfa-9064	200	13	2007	2007	NUM
ajfa-9064	200	14	to	to	ADP
ajfa-9064	200	15	2010	2010	NUM
ajfa-9064	200	16	,	,	PUNCT
ajfa-9064	200	17	we	we	PRON
ajfa-9064	200	18	select	select	VERB
ajfa-9064	200	19	a	a	DET
ajfa-9064	200	20	total	total	NOUN
ajfa-9064	200	21	of	of	ADP
ajfa-9064	200	22	112	112	NUM
ajfa-9064	200	23	paired	pair	VERB
ajfa-9064	200	24	firms	firm	NOUN
ajfa-9064	200	25	without	without	ADP
ajfa-9064	200	26	an	an	DET
ajfa-9064	200	27	audit	audit	NOUN
ajfa-9064	200	28	committee	committee	NOUN
ajfa-9064	200	29	.	.	PUNCT
ajfa-9064	201	1	the	the	DET
ajfa-9064	201	2	data	datum	NOUN
ajfa-9064	201	3	of	of	ADP
ajfa-9064	201	4	firms	firm	NOUN
ajfa-9064	201	5	with	with	ADP
ajfa-9064	201	6	an	an	DET
ajfa-9064	201	7	audit	audit	NOUN
ajfa-9064	201	8	committee	committee	NOUN
ajfa-9064	201	9	are	be	AUX
ajfa-9064	201	10	extracted	extract	VERB
ajfa-9064	201	11	from	from	ADP
ajfa-9064	201	12	‘	'	PUNCT
ajfa-9064	201	13	the	the	DET
ajfa-9064	201	14	summary	summary	NOUN
ajfa-9064	201	15	of	of	ADP
ajfa-9064	201	16	firms	firm	NOUN
ajfa-9064	201	17	that	that	PRON
ajfa-9064	201	18	have	have	AUX
ajfa-9064	201	19	established	establish	VERB
ajfa-9064	201	20	an	an	DET
ajfa-9064	201	21	audit	audit	NOUN
ajfa-9064	201	22	committee	committee	NOUN
ajfa-9064	201	23	according	accord	VERB
ajfa-9064	201	24	to	to	ADP
ajfa-9064	201	25	article	article	NOUN
ajfa-9064	201	26	14	14	NUM
ajfa-9064	201	27	-	-	SYM
ajfa-9064	201	28	4	4	NUM
ajfa-9064	201	29	of	of	ADP
ajfa-9064	201	30	the	the	DET
ajfa-9064	201	31	securities	securities	PROPN
ajfa-9064	201	32	and	and	CCONJ
ajfa-9064	201	33	exchange	exchange	PROPN
ajfa-9064	201	34	act	act	PROPN
ajfa-9064	201	35	’	'	PUNCT
ajfa-9064	201	36	published	publish	VERB
ajfa-9064	201	37	in	in	ADP
ajfa-9064	201	38	the	the	DET
ajfa-9064	201	39	corporate	corporate	ADJ
ajfa-9064	201	40	governance	governance	NOUN
ajfa-9064	201	41	section	section	NOUN
ajfa-9064	201	42	of	of	ADP
ajfa-9064	201	43	market	market	NOUN
ajfa-9064	201	44	observation	observation	NOUN
ajfa-9064	201	45	post	post	NOUN
ajfa-9064	201	46	system	system	NOUN
ajfa-9064	201	47	set	set	VERB
ajfa-9064	201	48	up	up	ADP
ajfa-9064	201	49	by	by	ADP
ajfa-9064	201	50	tse	tse	PROPN
ajfa-9064	201	51	.	.	PUNCT
ajfa-9064	202	1	the	the	DET
ajfa-9064	202	2	financial	financial	ADJ
ajfa-9064	202	3	data	datum	NOUN
ajfa-9064	202	4	of	of	ADP
ajfa-9064	202	5	these	these	DET
ajfa-9064	202	6	firms	firm	NOUN
ajfa-9064	202	7	are	be	AUX
ajfa-9064	202	8	obtained	obtain	VERB
ajfa-9064	202	9	from	from	ADP
ajfa-9064	202	10	taiwan	taiwan	PROPN
ajfa-9064	202	11	economic	economic	ADJ
ajfa-9064	202	12	journal	journal	PROPN
ajfa-9064	202	13	(	(	PUNCT
ajfa-9064	202	14	tej	tej	PROPN
ajfa-9064	202	15	)	)	PUNCT
ajfa-9064	202	16	.	.	PUNCT
ajfa-9064	203	1	the	the	DET
ajfa-9064	203	2	sample	sample	NOUN
ajfa-9064	203	3	selection	selection	NOUN
ajfa-9064	203	4	process	process	NOUN
ajfa-9064	203	5	,	,	PUNCT
ajfa-9064	203	6	market	market	NOUN
ajfa-9064	203	7	distribution	distribution	NOUN
ajfa-9064	203	8	and	and	CCONJ
ajfa-9064	203	9	industry	industry	NOUN
ajfa-9064	203	10	distribution	distribution	NOUN
ajfa-9064	203	11	of	of	ADP
ajfa-9064	203	12	the	the	DET
ajfa-9064	203	13	sample	sample	NOUN
ajfa-9064	203	14	firms	firm	NOUN
ajfa-9064	203	15	,	,	PUNCT
ajfa-9064	203	16	and	and	CCONJ
ajfa-9064	203	17	their	their	PRON
ajfa-9064	203	18	intention	intention	NOUN
ajfa-9064	203	19	to	to	PART
ajfa-9064	203	20	set	set	VERB
ajfa-9064	203	21	up	up	ADP
ajfa-9064	203	22	an	an	DET
ajfa-9064	203	23	audit	audit	NOUN
ajfa-9064	203	24	committee	committee	NOUN
ajfa-9064	203	25	are	be	AUX
ajfa-9064	203	26	detailed	detail	VERB
ajfa-9064	203	27	in	in	ADP
ajfa-9064	203	28	table	table	NOUN
ajfa-9064	203	29	1	1	NUM
ajfa-9064	203	30	.	.	PUNCT
ajfa-9064	203	31	table	table	NOUN
ajfa-9064	203	32	1.sample	1.sample	NUM
ajfa-9064	203	33	composition	composition	NOUN
ajfa-9064	203	34	panel	panel	NOUN
ajfa-9064	203	35	a	a	DET
ajfa-9064	203	36	:	:	PUNCT
ajfa-9064	203	37	sample	sample	NOUN
ajfa-9064	203	38	selection	selection	NOUN
ajfa-9064	203	39	2007	2007	NUM
ajfa-9064	203	40	2008	2008	NUM
ajfa-9064	203	41	2009	2009	NUM
ajfa-9064	203	42	2010	2010	NUM
ajfa-9064	203	43	total	total	NOUN
ajfa-9064	203	44	having	have	VERB
ajfa-9064	203	45	an	an	DET
ajfa-9064	203	46	audit	audit	NOUN
ajfa-9064	203	47	committee	committee	NOUN
ajfa-9064	203	48	11	11	NUM
ajfa-9064	203	49	17	17	NUM
ajfa-9064	203	50	12	12	NUM
ajfa-9064	203	51	27	27	NUM
ajfa-9064	203	52	67	67	NUM
ajfa-9064	203	53	financial	financial	ADJ
ajfa-9064	203	54	and	and	CCONJ
ajfa-9064	203	55	insurance	insurance	NOUN
ajfa-9064	203	56	industry	industry	NOUN
ajfa-9064	204	1	-2	-2	INTJ
ajfa-9064	204	2	-4	-4	INTJ
ajfa-9064	205	1	-2	-2	INTJ
ajfa-9064	205	2	0	0	NUM
ajfa-9064	206	1	-8	-8	VERB
ajfa-9064	206	2	missing	miss	VERB
ajfa-9064	206	3	data	datum	NOUN
ajfa-9064	206	4	of	of	ADP
ajfa-9064	206	5	market	market	NOUN
ajfa-9064	206	6	value	value	NOUN
ajfa-9064	206	7	or	or	CCONJ
ajfa-9064	206	8	returns	return	NOUN
ajfa-9064	206	9	-2	-2	INTJ
ajfa-9064	207	1	-2	-2	INTJ
ajfa-9064	207	2	-5	-5	INTJ
ajfa-9064	207	3	-22	-22	PUNCT
ajfa-9064	207	4	-31	-31	PROPN
ajfa-9064	207	5	total	total	VERB
ajfa-9064	207	6	7	7	NUM
ajfa-9064	207	7	11	11	NUM
ajfa-9064	207	8	5	5	NUM
ajfa-9064	207	9	5	5	NUM
ajfa-9064	207	10	28	28	NUM
ajfa-9064	207	11	panel	panel	NOUN
ajfa-9064	207	12	b	b	NOUN
ajfa-9064	207	13	:	:	PUNCT
ajfa-9064	207	14	market	market	NOUN
ajfa-9064	207	15	type	type	NOUN
ajfa-9064	207	16	tse	tse	PROPN
ajfa-9064	207	17	6	6	NUM
ajfa-9064	207	18	5	5	NUM
ajfa-9064	207	19	2	2	NUM
ajfa-9064	207	20	3	3	NUM
ajfa-9064	207	21	16	16	NUM
ajfa-9064	207	22	otc	otc	NOUN
ajfa-9064	207	23	1	1	NUM
ajfa-9064	207	24	6	6	NUM
ajfa-9064	207	25	3	3	NUM
ajfa-9064	207	26	2	2	NUM
ajfa-9064	207	27	12	12	NUM
ajfa-9064	207	28	total	total	NOUN
ajfa-9064	207	29	7	7	NUM
ajfa-9064	207	30	11	11	NUM
ajfa-9064	207	31	5	5	NUM
ajfa-9064	207	32	5	5	NUM
ajfa-9064	207	33	28	28	NUM
ajfa-9064	207	34	panel	panel	NOUN
ajfa-9064	207	35	c	c	NOUN
ajfa-9064	207	36	:	:	PUNCT
ajfa-9064	207	37	industry	industry	NOUN
ajfa-9064	207	38	chemical	chemical	NOUN
ajfa-9064	207	39	and	and	CCONJ
ajfa-9064	207	40	bioengineering	bioengineere	VERB
ajfa-9064	207	41	0	0	NUM
ajfa-9064	207	42	0	0	NUM
ajfa-9064	207	43	0	0	NUM
ajfa-9064	207	44	1	1	NUM
ajfa-9064	207	45	1	1	NUM
ajfa-9064	207	46	steel	steel	NOUN
ajfa-9064	207	47	0	0	NUM
ajfa-9064	207	48	1	1	NUM
ajfa-9064	207	49	0	0	NUM
ajfa-9064	207	50	0	0	NUM
ajfa-9064	207	51	1	1	NUM
ajfa-9064	207	52	electronics	electronic	NOUN
ajfa-9064	207	53	6	6	NUM
ajfa-9064	207	54	10	10	NUM
ajfa-9064	207	55	4	4	NUM
ajfa-9064	207	56	4	4	NUM
ajfa-9064	207	57	24	24	NUM
ajfa-9064	207	58	construction	construction	NOUN
ajfa-9064	207	59	0	0	NUM
ajfa-9064	207	60	0	0	NUM
ajfa-9064	207	61	1	1	NUM
ajfa-9064	207	62	0	0	NUM
ajfa-9064	207	63	1	1	NUM
ajfa-9064	207	64	others	other	NOUN
ajfa-9064	207	65	1	1	NUM
ajfa-9064	207	66	0	0	NUM
ajfa-9064	207	67	0	0	NUM
ajfa-9064	207	68	0	0	NUM
ajfa-9064	207	69	1	1	NUM
ajfa-9064	207	70	total	total	NOUN
ajfa-9064	207	71	7	7	NUM
ajfa-9064	207	72	11	11	NUM
ajfa-9064	207	73	5	5	NUM
ajfa-9064	207	74	5	5	NUM
ajfa-9064	207	75	28	28	NUM
ajfa-9064	207	76	panel	panel	NOUN
ajfa-9064	208	1	d	d	NOUN
ajfa-9064	208	2	:	:	PUNCT
ajfa-9064	208	3	implementation	implementation	NOUN
ajfa-9064	208	4	type	type	NOUN
ajfa-9064	208	5	mandatory	mandatory	ADJ
ajfa-9064	208	6	2	2	NUM
ajfa-9064	208	7	1	1	NUM
ajfa-9064	208	8	1	1	NUM
ajfa-9064	208	9	0	0	NUM
ajfa-9064	208	10	4	4	NUM
ajfa-9064	208	11	non	non	ADJ
ajfa-9064	208	12	-	-	ADJ
ajfa-9064	208	13	mandatory	mandatory	ADJ
ajfa-9064	208	14	5	5	NUM
ajfa-9064	208	15	10	10	NUM
ajfa-9064	208	16	4	4	NUM
ajfa-9064	208	17	5	5	NUM
ajfa-9064	208	18	24	24	NUM
ajfa-9064	208	19	total	total	NOUN
ajfa-9064	208	20	7	7	NUM
ajfa-9064	208	21	11	11	NUM
ajfa-9064	208	22	5	5	NUM
ajfa-9064	208	23	5	5	NUM
ajfa-9064	208	24	28	28	NUM
ajfa-9064	208	25	3.2definition	3.2definition	NUM
ajfa-9064	208	26	of	of	ADP
ajfa-9064	208	27	variables	variable	NOUN
ajfa-9064	208	28	3.2.1	3.2.1	NUM
ajfa-9064	208	29	explained	explain	VERB
ajfa-9064	208	30	variable	variable	NOUN
ajfa-9064	208	31	in	in	ADP
ajfa-9064	208	32	our	our	PRON
ajfa-9064	208	33	empirical	empirical	ADJ
ajfa-9064	208	34	model	model	NOUN
ajfa-9064	208	35	,	,	PUNCT
ajfa-9064	208	36	the	the	DET
ajfa-9064	208	37	explained	explain	VERB
ajfa-9064	208	38	variable	variable	NOUN
ajfa-9064	208	39	is	be	AUX
ajfa-9064	208	40	abnormal	abnormal	ADJ
ajfa-9064	208	41	return	return	NOUN
ajfa-9064	208	42	(	(	PUNCT
ajfa-9064	208	43	𝑟𝑖,𝑡	𝑟𝑖,𝑡	VERB
ajfa-9064	208	44	−	−	ADP
ajfa-9064	208	45	𝑅𝑖,𝑡	𝑅𝑖,𝑡	PROPN
ajfa-9064	208	46	𝐵	𝐵	NOUN
ajfa-9064	208	47	)	)	PUNCT
ajfa-9064	208	48	.	.	PUNCT
ajfa-9064	209	1	it	it	PRON
ajfa-9064	209	2	is	be	AUX
ajfa-9064	209	3	defined	define	VERB
ajfa-9064	209	4	as	as	ADP
ajfa-9064	209	5	the	the	DET
ajfa-9064	209	6	difference	difference	NOUN
ajfa-9064	209	7	between	between	ADP
ajfa-9064	209	8	the	the	DET
ajfa-9064	209	9	actual	actual	ADJ
ajfa-9064	209	10	return	return	NOUN
ajfa-9064	209	11	of	of	ADP
ajfa-9064	209	12	a	a	DET
ajfa-9064	209	13	stock	stock	NOUN
ajfa-9064	209	14	and	and	CCONJ
ajfa-9064	209	15	the	the	DET
ajfa-9064	209	16	benchmark	benchmark	NOUN
ajfa-9064	209	17	return	return	NOUN
ajfa-9064	209	18	.	.	PUNCT
ajfa-9064	210	1	the	the	DET
ajfa-9064	210	2	benchmark	benchmark	ADJ
ajfa-9064	210	3	asian	asian	ADJ
ajfa-9064	210	4	journal	journal	NOUN
ajfa-9064	210	5	of	of	ADP
ajfa-9064	210	6	finance	finance	PROPN
ajfa-9064	210	7	&	&	CCONJ
ajfa-9064	210	8	accounting	accounting	PROPN
ajfa-9064	210	9	issn	issn	PROPN
ajfa-9064	210	10	1946	1946	NUM
ajfa-9064	210	11	-	-	PUNCT
ajfa-9064	210	12	052x	052x	PROPN
ajfa-9064	210	13	2016	2016	NUM
ajfa-9064	210	14	,	,	PUNCT
ajfa-9064	210	15	vol	vol	NOUN
ajfa-9064	210	16	.	.	PROPN
ajfa-9064	210	17	8	8	NUM
ajfa-9064	210	18	,	,	PUNCT
ajfa-9064	210	19	no	no	INTJ
ajfa-9064	210	20	.	.	NOUN
ajfa-9064	210	21	1	1	NUM
ajfa-9064	210	22	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9064	210	23	110	110	NUM
ajfa-9064	210	24	return	return	NOUN
ajfa-9064	210	25	is	be	AUX
ajfa-9064	210	26	the	the	DET
ajfa-9064	210	27	return	return	NOUN
ajfa-9064	210	28	of	of	ADP
ajfa-9064	210	29	a	a	DET
ajfa-9064	210	30	portfolio	portfolio	NOUN
ajfa-9064	210	31	of	of	ADP
ajfa-9064	210	32	stocks	stock	NOUN
ajfa-9064	210	33	with	with	ADP
ajfa-9064	210	34	similar	similar	ADJ
ajfa-9064	210	35	size	size	NOUN
ajfa-9064	210	36	and	and	CCONJ
ajfa-9064	210	37	book	book	NOUN
ajfa-9064	210	38	-	-	PUNCT
ajfa-9064	210	39	to	to	ADP
ajfa-9064	210	40	-	-	PUNCT
ajfa-9064	210	41	market	market	NOUN
ajfa-9064	210	42	characteristics	characteristic	NOUN
ajfa-9064	210	43	(	(	PUNCT
ajfa-9064	210	44	fama	fama	NOUN
ajfa-9064	210	45	and	and	CCONJ
ajfa-9064	210	46	french	french	ADJ
ajfa-9064	210	47	1993	1993	NUM
ajfa-9064	210	48	)	)	PUNCT
ajfa-9064	210	49	.	.	PUNCT
ajfa-9064	211	1	fama	fama	PROPN
ajfa-9064	211	2	and	and	CCONJ
ajfa-9064	211	3	french	french	ADJ
ajfa-9064	211	4	(	(	PUNCT
ajfa-9064	211	5	1993	1993	NUM
ajfa-9064	211	6	)	)	PUNCT
ajfa-9064	211	7	argue	argue	VERB
ajfa-9064	211	8	that	that	SCONJ
ajfa-9064	211	9	a	a	DET
ajfa-9064	211	10	model	model	NOUN
ajfa-9064	211	11	consisting	consist	VERB
ajfa-9064	211	12	of	of	ADP
ajfa-9064	211	13	a	a	DET
ajfa-9064	211	14	market	market	NOUN
ajfa-9064	211	15	factor	factor	NOUN
ajfa-9064	211	16	,	,	PUNCT
ajfa-9064	211	17	a	a	DET
ajfa-9064	211	18	risk	risk	NOUN
ajfa-9064	211	19	factor	factor	NOUN
ajfa-9064	211	20	related	relate	VERB
ajfa-9064	211	21	to	to	ADP
ajfa-9064	211	22	size	size	NOUN
ajfa-9064	211	23	,	,	PUNCT
ajfa-9064	211	24	and	and	CCONJ
ajfa-9064	211	25	a	a	DET
ajfa-9064	211	26	risk	risk	NOUN
ajfa-9064	211	27	factor	factor	NOUN
ajfa-9064	211	28	related	relate	VERB
ajfa-9064	211	29	to	to	ADP
ajfa-9064	211	30	book	book	NOUN
ajfa-9064	211	31	-	-	PUNCT
ajfa-9064	211	32	to	to	ADP
ajfa-9064	211	33	-	-	PUNCT
ajfa-9064	211	34	market	market	NOUN
ajfa-9064	211	35	can	can	AUX
ajfa-9064	211	36	better	well	ADV
ajfa-9064	211	37	explain	explain	VERB
ajfa-9064	211	38	market	market	NOUN
ajfa-9064	211	39	returns	return	NOUN
ajfa-9064	211	40	.	.	PUNCT
ajfa-9064	212	1	moreover	moreover	ADV
ajfa-9064	212	2	,	,	PUNCT
ajfa-9064	212	3	this	this	DET
ajfa-9064	212	4	kind	kind	NOUN
ajfa-9064	212	5	of	of	ADP
ajfa-9064	212	6	model	model	NOUN
ajfa-9064	212	7	can	can	AUX
ajfa-9064	212	8	explain	explain	VERB
ajfa-9064	212	9	risk	risk	NOUN
ajfa-9064	212	10	factors	factor	NOUN
ajfa-9064	212	11	that	that	PRON
ajfa-9064	212	12	βin	βin	PROPN
ajfa-9064	212	13	capm	capm	PROPN
ajfa-9064	212	14	can	can	AUX
ajfa-9064	212	15	not	not	PART
ajfa-9064	212	16	capture	capture	VERB
ajfa-9064	212	17	.	.	PUNCT
ajfa-9064	213	1	in	in	ADP
ajfa-9064	213	2	this	this	DET
ajfa-9064	213	3	paper	paper	NOUN
ajfa-9064	213	4	,	,	PUNCT
ajfa-9064	213	5	we	we	PRON
ajfa-9064	213	6	adopt	adopt	VERB
ajfa-9064	213	7	fama	fama	NOUN
ajfa-9064	213	8	and	and	CCONJ
ajfa-9064	213	9	french	french	NOUN
ajfa-9064	213	10	’s	’s	PART
ajfa-9064	213	11	(	(	PUNCT
ajfa-9064	213	12	1993	1993	NUM
ajfa-9064	213	13	)	)	PUNCT
ajfa-9064	213	14	three	three	NUM
ajfa-9064	213	15	-	-	PUNCT
ajfa-9064	213	16	factor	factor	NOUN
ajfa-9064	213	17	model	model	NOUN
ajfa-9064	213	18	to	to	PART
ajfa-9064	213	19	estimate	estimate	VERB
ajfa-9064	213	20	abnormal	abnormal	ADJ
ajfa-9064	213	21	return	return	NOUN
ajfa-9064	213	22	.	.	PUNCT
ajfa-9064	214	1	in	in	ADP
ajfa-9064	214	2	this	this	DET
ajfa-9064	214	3	model	model	NOUN
ajfa-9064	214	4	,	,	PUNCT
ajfa-9064	214	5	𝑟𝑖,𝑡is	𝑟𝑖,𝑡is	NUM
ajfa-9064	214	6	the	the	DET
ajfa-9064	214	7	actual	actual	ADJ
ajfa-9064	214	8	return	return	NOUN
ajfa-9064	214	9	of	of	ADP
ajfa-9064	214	10	firm	firm	NOUN
ajfa-9064	214	11	i	i	PRON
ajfa-9064	214	12	over	over	ADP
ajfa-9064	214	13	year	year	NOUN
ajfa-9064	214	14	t	t	PROPN
ajfa-9064	214	15	,	,	PUNCT
ajfa-9064	214	16	and	and	CCONJ
ajfa-9064	214	17	𝑅𝑖,𝑡	𝑅𝑖,𝑡	PROPN
ajfa-9064	214	18	𝐵	𝐵	NOUN
ajfa-9064	214	19	is	be	AUX
ajfa-9064	214	20	the	the	DET
ajfa-9064	214	21	benchmark	benchmark	NOUN
ajfa-9064	214	22	return	return	NOUN
ajfa-9064	214	23	for	for	ADP
ajfa-9064	214	24	firm	firm	ADJ
ajfa-9064	214	25	i	i	PRON
ajfa-9064	214	26	over	over	ADP
ajfa-9064	214	27	year	year	NOUN
ajfa-9064	214	28	t.	t.	NOUN
ajfa-9064	214	29	we	we	PRON
ajfa-9064	214	30	sort	sort	VERB
ajfa-9064	214	31	all	all	DET
ajfa-9064	214	32	the	the	DET
ajfa-9064	214	33	firms	firm	NOUN
ajfa-9064	214	34	by	by	ADP
ajfa-9064	214	35	market	market	NOUN
ajfa-9064	214	36	value	value	NOUN
ajfa-9064	214	37	and	and	CCONJ
ajfa-9064	214	38	book	book	NOUN
ajfa-9064	214	39	-	-	PUNCT
ajfa-9064	214	40	to	to	ADP
ajfa-9064	214	41	-	-	PUNCT
ajfa-9064	214	42	market	market	NOUN
ajfa-9064	214	43	ratio	ratio	NOUN
ajfa-9064	214	44	(	(	PUNCT
ajfa-9064	214	45	be	be	AUX
ajfa-9064	214	46	/	/	SYM
ajfa-9064	214	47	me	i	PRON
ajfa-9064	214	48	)	)	PUNCT
ajfa-9064	214	49	in	in	ADP
ajfa-9064	214	50	ascending	ascend	VERB
ajfa-9064	214	51	order	order	NOUN
ajfa-9064	214	52	and	and	CCONJ
ajfa-9064	214	53	divide	divide	VERB
ajfa-9064	214	54	them	they	PRON
ajfa-9064	214	55	into	into	ADP
ajfa-9064	214	56	five	five	NUM
ajfa-9064	214	57	groups	group	NOUN
ajfa-9064	214	58	by	by	ADP
ajfa-9064	214	59	each	each	DET
ajfa-9064	214	60	index	index	NOUN
ajfa-9064	214	61	.	.	PUNCT
ajfa-9064	215	1	by	by	ADP
ajfa-9064	215	2	doing	do	VERB
ajfa-9064	215	3	so	so	ADV
ajfa-9064	215	4	,	,	PUNCT
ajfa-9064	215	5	we	we	PRON
ajfa-9064	215	6	can	can	AUX
ajfa-9064	215	7	obtain	obtain	VERB
ajfa-9064	215	8	a	a	DET
ajfa-9064	215	9	total	total	NOUN
ajfa-9064	215	10	of	of	ADP
ajfa-9064	215	11	25	25	NUM
ajfa-9064	215	12	combinations	combination	NOUN
ajfa-9064	215	13	of	of	ADP
ajfa-9064	215	14	size	size	NOUN
ajfa-9064	215	15	and	and	CCONJ
ajfa-9064	215	16	book	book	NOUN
ajfa-9064	215	17	-	-	PUNCT
ajfa-9064	215	18	to	to	ADP
ajfa-9064	215	19	-	-	PUNCT
ajfa-9064	215	20	market	market	NOUN
ajfa-9064	215	21	ratio	ratio	NOUN
ajfa-9064	215	22	.	.	PUNCT
ajfa-9064	216	1	𝑅𝑖,𝑡	𝑅𝑖,𝑡	ADJ
ajfa-9064	216	2	𝐵	𝐵	NOUN
ajfa-9064	216	3	is	be	AUX
ajfa-9064	216	4	the	the	DET
ajfa-9064	216	5	return	return	NOUN
ajfa-9064	216	6	of	of	ADP
ajfa-9064	216	7	a	a	DET
ajfa-9064	216	8	portfolio	portfolio	NOUN
ajfa-9064	216	9	of	of	ADP
ajfa-9064	216	10	stocks	stock	NOUN
ajfa-9064	216	11	to	to	PART
ajfa-9064	216	12	which	which	DET
ajfa-9064	216	13	firm	firm	NOUN
ajfa-9064	216	14	i	i	PRON
ajfa-9064	216	15	belongs	belong	VERB
ajfa-9064	216	16	over	over	ADP
ajfa-9064	216	17	year	year	NOUN
ajfa-9064	216	18	t.	t.	PROPN
ajfa-9064	216	19	finally	finally	ADV
ajfa-9064	216	20	,	,	PUNCT
ajfa-9064	216	21	we	we	PRON
ajfa-9064	216	22	compute	compute	VERB
ajfa-9064	216	23	the	the	DET
ajfa-9064	216	24	difference	difference	NOUN
ajfa-9064	216	25	between	between	ADP
ajfa-9064	216	26	the	the	DET
ajfa-9064	216	27	actual	actual	ADJ
ajfa-9064	216	28	return	return	NOUN
ajfa-9064	216	29	and	and	CCONJ
ajfa-9064	216	30	the	the	DET
ajfa-9064	216	31	benchmark	benchmark	NOUN
ajfa-9064	216	32	return	return	NOUN
ajfa-9064	216	33	to	to	PART
ajfa-9064	216	34	obtain	obtain	VERB
ajfa-9064	216	35	the	the	DET
ajfa-9064	216	36	abnormal	abnormal	ADJ
ajfa-9064	216	37	return	return	NOUN
ajfa-9064	216	38	of	of	ADP
ajfa-9064	216	39	each	each	DET
ajfa-9064	216	40	firm	firm	NOUN
ajfa-9064	216	41	.	.	PUNCT
ajfa-9064	217	1	3.2.2	3.2.2	NUM
ajfa-9064	217	2	explanatory	explanatory	ADJ
ajfa-9064	217	3	variables	variable	NOUN
ajfa-9064	217	4	∆𝐶𝑖,𝑡is	∆𝐶𝑖,𝑡is	ADJ
ajfa-9064	217	5	the	the	DET
ajfa-9064	217	6	change	change	NOUN
ajfa-9064	217	7	in	in	ADP
ajfa-9064	217	8	cash	cash	NOUN
ajfa-9064	217	9	and	and	CCONJ
ajfa-9064	217	10	cash	cash	NOUN
ajfa-9064	217	11	equivalent	equivalent	ADJ
ajfa-9064	217	12	over	over	ADP
ajfa-9064	217	13	year	year	NOUN
ajfa-9064	217	14	t	t	PROPN
ajfa-9064	217	15	,	,	PUNCT
ajfa-9064	217	16	and	and	CCONJ
ajfa-9064	217	17	𝑀𝑖,𝑡−1is	𝑀𝑖,𝑡−1i	VERB
ajfa-9064	217	18	the	the	DET
ajfa-9064	217	19	market	market	NOUN
ajfa-9064	217	20	value	value	NOUN
ajfa-9064	217	21	of	of	ADP
ajfa-9064	217	22	equity	equity	NOUN
ajfa-9064	217	23	at	at	ADP
ajfa-9064	217	24	the	the	DET
ajfa-9064	217	25	end	end	NOUN
ajfa-9064	217	26	of	of	ADP
ajfa-9064	217	27	year	year	NOUN
ajfa-9064	217	28	t-1	t-1	PROPN
ajfa-9064	217	29	.	.	PUNCT
ajfa-9064	218	1	the	the	DET
ajfa-9064	218	2	focus	focus	NOUN
ajfa-9064	218	3	of	of	ADP
ajfa-9064	218	4	our	our	PRON
ajfa-9064	218	5	analysis	analysis	NOUN
ajfa-9064	218	6	is	be	AUX
ajfa-9064	218	7	to	to	PART
ajfa-9064	218	8	find	find	VERB
ajfa-9064	218	9	the	the	DET
ajfa-9064	218	10	effect	effect	NOUN
ajfa-9064	218	11	of	of	ADP
ajfa-9064	218	12	change	change	NOUN
ajfa-9064	218	13	in	in	ADP
ajfa-9064	218	14	each	each	DET
ajfa-9064	218	15	unit	unit	NOUN
ajfa-9064	218	16	of	of	ADP
ajfa-9064	218	17	cash	cash	NOUN
ajfa-9064	218	18	on	on	ADP
ajfa-9064	218	19	equity	equity	NOUN
ajfa-9064	218	20	value	value	NOUN
ajfa-9064	218	21	.	.	PUNCT
ajfa-9064	219	1	the	the	DET
ajfa-9064	219	2	variations	variation	NOUN
ajfa-9064	219	3	of	of	ADP
ajfa-9064	219	4	stock	stock	NOUN
ajfa-9064	219	5	returns	return	NOUN
ajfa-9064	219	6	are	be	AUX
ajfa-9064	219	7	mainly	mainly	ADV
ajfa-9064	219	8	between	between	ADP
ajfa-9064	219	9	𝑀𝑖,𝑡and	𝑀𝑖,𝑡and	PROPN
ajfa-9064	219	10	𝑀𝑖,𝑡−1	𝑀𝑖,𝑡−1	PROPN
ajfa-9064	219	11	,	,	PUNCT
ajfa-9064	219	12	so	so	SCONJ
ajfa-9064	219	13	we	we	PRON
ajfa-9064	219	14	use	use	VERB
ajfa-9064	219	15	𝑀𝑖,𝑡−1as	𝑀𝑖,𝑡−1as	NOUN
ajfa-9064	219	16	the	the	DET
ajfa-9064	219	17	basis	basis	NOUN
ajfa-9064	219	18	for	for	ADP
ajfa-9064	219	19	shifting.this	shifting.this	NUM
ajfa-9064	219	20	allows	allow	VERB
ajfa-9064	219	21	us	we	PRON
ajfa-9064	219	22	to	to	PART
ajfa-9064	219	23	eliminate	eliminate	VERB
ajfa-9064	219	24	size	size	NOUN
ajfa-9064	219	25	differences	difference	NOUN
ajfa-9064	219	26	and	and	CCONJ
ajfa-9064	219	27	use	use	VERB
ajfa-9064	219	28	the	the	DET
ajfa-9064	219	29	marginal	marginal	ADJ
ajfa-9064	219	30	value	value	NOUN
ajfa-9064	219	31	to	to	PART
ajfa-9064	219	32	estimate	estimate	VERB
ajfa-9064	219	33	the	the	DET
ajfa-9064	219	34	coefficients	coefficient	NOUN
ajfa-9064	219	35	.	.	PUNCT
ajfa-9064	220	1	3.2.3	3.2.3	NUM
ajfa-9064	220	2	moderator	moderator	NOUN
ajfa-9064	220	3	variables	variable	VERB
ajfa-9064	220	4	post	post	ADJ
ajfa-9064	220	5	-	-	NOUN
ajfa-9064	220	6	establishment	establishment	NOUN
ajfa-9064	220	7	of	of	ADP
ajfa-9064	220	8	an	an	DET
ajfa-9064	220	9	audit	audit	NOUN
ajfa-9064	220	10	committee	committee	NOUN
ajfa-9064	220	11	(	(	PUNCT
ajfa-9064	220	12	𝑃𝑂𝑆𝑇𝑖,𝑡	𝑃𝑂𝑆𝑇𝑖,𝑡	ADV
ajfa-9064	220	13	):	):	PUNCT
ajfa-9064	220	14	this	this	PRON
ajfa-9064	220	15	is	be	AUX
ajfa-9064	220	16	a	a	DET
ajfa-9064	220	17	dummy	dummy	ADJ
ajfa-9064	220	18	variable	variable	NOUN
ajfa-9064	220	19	.	.	PUNCT
ajfa-9064	221	1	1	1	NUM
ajfa-9064	221	2	denotes	denote	NOUN
ajfa-9064	221	3	the	the	DET
ajfa-9064	221	4	year	year	NOUN
ajfa-9064	221	5	when	when	SCONJ
ajfa-9064	221	6	an	an	DET
ajfa-9064	221	7	audit	audit	NOUN
ajfa-9064	221	8	committee	committee	NOUN
ajfa-9064	221	9	is	be	AUX
ajfa-9064	221	10	established	establish	VERB
ajfa-9064	221	11	and	and	CCONJ
ajfa-9064	221	12	the	the	DET
ajfa-9064	221	13	following	following	ADJ
ajfa-9064	221	14	year	year	NOUN
ajfa-9064	221	15	;	;	PUNCT
ajfa-9064	221	16	0	0	NUM
ajfa-9064	221	17	denotes	denote	VERB
ajfa-9064	221	18	the	the	DET
ajfa-9064	221	19	two	two	NUM
ajfa-9064	221	20	-	-	PUNCT
ajfa-9064	221	21	year	year	NOUN
ajfa-9064	221	22	periodprior	periodprior	NOUN
ajfa-9064	221	23	to	to	ADP
ajfa-9064	221	24	establishment	establishment	NOUN
ajfa-9064	221	25	of	of	ADP
ajfa-9064	221	26	an	an	DET
ajfa-9064	221	27	audit	audit	NOUN
ajfa-9064	221	28	committee	committee	NOUN
ajfa-9064	221	29	.	.	PUNCT
ajfa-9064	222	1	this	this	DET
ajfa-9064	222	2	variable	variable	NOUN
ajfa-9064	222	3	is	be	AUX
ajfa-9064	222	4	used	use	VERB
ajfa-9064	222	5	to	to	PART
ajfa-9064	222	6	observe	observe	VERB
ajfa-9064	222	7	if	if	SCONJ
ajfa-9064	222	8	there	there	PRON
ajfa-9064	222	9	is	be	VERB
ajfa-9064	222	10	a	a	DET
ajfa-9064	222	11	significant	significant	ADJ
ajfa-9064	222	12	difference	difference	NOUN
ajfa-9064	222	13	in	in	ADP
ajfa-9064	222	14	efficiency	efficiency	NOUN
ajfa-9064	222	15	of	of	ADP
ajfa-9064	222	16	cash	cash	NOUN
ajfa-9064	222	17	holdings	holding	NOUN
ajfa-9064	222	18	before	before	ADP
ajfa-9064	222	19	and	and	CCONJ
ajfa-9064	222	20	after	after	SCONJ
ajfa-9064	222	21	an	an	DET
ajfa-9064	222	22	audit	audit	NOUN
ajfa-9064	222	23	committee	committee	NOUN
ajfa-9064	222	24	is	be	AUX
ajfa-9064	222	25	established	establish	VERB
ajfa-9064	222	26	.	.	PUNCT
ajfa-9064	223	1	presence	presence	NOUN
ajfa-9064	223	2	of	of	ADP
ajfa-9064	223	3	an	an	DET
ajfa-9064	223	4	audit	audit	NOUN
ajfa-9064	223	5	committee	committee	NOUN
ajfa-9064	223	6	(	(	PUNCT
ajfa-9064	223	7	𝐴𝐶𝑖,𝑡):this	𝐴𝐶𝑖,𝑡):this	PROPN
ajfa-9064	223	8	variable	variable	NOUN
ajfa-9064	223	9	is	be	AUX
ajfa-9064	223	10	also	also	ADV
ajfa-9064	223	11	a	a	DET
ajfa-9064	223	12	dummy	dummy	ADJ
ajfa-9064	223	13	variable	variable	NOUN
ajfa-9064	223	14	.	.	PUNCT
ajfa-9064	224	1	if	if	SCONJ
ajfa-9064	224	2	an	an	DET
ajfa-9064	224	3	audit	audit	NOUN
ajfa-9064	224	4	committee	committee	NOUN
ajfa-9064	224	5	has	have	AUX
ajfa-9064	224	6	been	be	AUX
ajfa-9064	224	7	established	establish	VERB
ajfa-9064	224	8	,	,	PUNCT
ajfa-9064	224	9	this	this	DET
ajfa-9064	224	10	variable	variable	NOUN
ajfa-9064	224	11	is	be	AUX
ajfa-9064	224	12	1	1	NUM
ajfa-9064	224	13	;	;	PUNCT
ajfa-9064	224	14	if	if	SCONJ
ajfa-9064	224	15	otherwise	otherwise	ADV
ajfa-9064	224	16	,	,	PUNCT
ajfa-9064	224	17	this	this	DET
ajfa-9064	224	18	variable	variable	NOUN
ajfa-9064	224	19	is	be	AUX
ajfa-9064	224	20	0	0	NUM
ajfa-9064	224	21	.	.	PUNCT
ajfa-9064	225	1	this	this	DET
ajfa-9064	225	2	variable	variable	NOUN
ajfa-9064	225	3	is	be	AUX
ajfa-9064	225	4	a	a	DET
ajfa-9064	225	5	differentiator	differentiator	NOUN
ajfa-9064	225	6	between	between	ADP
ajfa-9064	225	7	paired	pair	VERB
ajfa-9064	225	8	firms	firm	NOUN
ajfa-9064	225	9	(	(	PUNCT
ajfa-9064	225	10	control	control	NOUN
ajfa-9064	225	11	group	group	NOUN
ajfa-9064	225	12	)	)	PUNCT
ajfa-9064	225	13	and	and	CCONJ
ajfa-9064	225	14	sample	sample	NOUN
ajfa-9064	225	15	firms	firm	NOUN
ajfa-9064	225	16	(	(	PUNCT
ajfa-9064	225	17	treatment	treatment	NOUN
ajfa-9064	225	18	group	group	NOUN
ajfa-9064	225	19	)	)	PUNCT
ajfa-9064	225	20	.	.	PUNCT
ajfa-9064	226	1	3.2.4control	3.2.4control	NOUN
ajfa-9064	226	2	variables	variable	VERB
ajfa-9064	226	3	the	the	DET
ajfa-9064	226	4	control	control	NOUN
ajfa-9064	226	5	variables	variable	NOUN
ajfa-9064	226	6	are	be	AUX
ajfa-9064	226	7	mainly	mainly	ADV
ajfa-9064	226	8	variables	variable	NOUN
ajfa-9064	226	9	related	relate	VERB
ajfa-9064	226	10	to	to	ADP
ajfa-9064	226	11	firm	firm	ADJ
ajfa-9064	226	12	characteristics	characteristic	NOUN
ajfa-9064	226	13	.	.	PUNCT
ajfa-9064	227	1	in	in	ADP
ajfa-9064	227	2	the	the	DET
ajfa-9064	227	3	financial	financial	ADJ
ajfa-9064	227	4	dimension	dimension	NOUN
ajfa-9064	227	5	,	,	PUNCT
ajfa-9064	227	6	the	the	DET
ajfa-9064	227	7	variables	variable	NOUN
ajfa-9064	227	8	include	include	VERB
ajfa-9064	227	9	change	change	NOUN
ajfa-9064	227	10	in	in	ADP
ajfa-9064	227	11	interest	interest	NOUN
ajfa-9064	227	12	expense	expense	NOUN
ajfa-9064	227	13	(	(	PUNCT
ajfa-9064	227	14	∆𝐼𝑖,𝑡	∆𝐼𝑖,𝑡	NOUN
ajfa-9064	227	15	)	)	PUNCT
ajfa-9064	227	16	,	,	PUNCT
ajfa-9064	227	17	change	change	NOUN
ajfa-9064	227	18	in	in	ADP
ajfa-9064	227	19	dividends	dividend	NOUN
ajfa-9064	227	20	on	on	ADP
ajfa-9064	227	21	common	common	ADJ
ajfa-9064	227	22	shares	share	NOUN
ajfa-9064	227	23	(	(	PUNCT
ajfa-9064	227	24	∆𝐷𝑖,𝑡	∆𝐷𝑖,𝑡	PROPN
ajfa-9064	227	25	)	)	PUNCT
ajfa-9064	227	26	,	,	PUNCT
ajfa-9064	227	27	and	and	CCONJ
ajfa-9064	227	28	change	change	NOUN
ajfa-9064	227	29	in	in	ADP
ajfa-9064	227	30	net	net	ADJ
ajfa-9064	227	31	financing	financing	NOUN
ajfa-9064	227	32	(	(	PUNCT
ajfa-9064	227	33	𝑁𝑖,𝑡	𝑁𝑖,𝑡	PROPN
ajfa-9064	227	34	)	)	PUNCT
ajfa-9064	227	35	,	,	PUNCT
ajfa-9064	227	36	which	which	PRON
ajfa-9064	227	37	is	be	AUX
ajfa-9064	227	38	the	the	DET
ajfa-9064	227	39	total	total	ADJ
ajfa-9064	227	40	equity	equity	NOUN
ajfa-9064	227	41	issuance	issuance	NOUN
ajfa-9064	227	42	minus	minus	ADP
ajfa-9064	227	43	repurchases	repurchase	NOUN
ajfa-9064	227	44	plus	plus	CCONJ
ajfa-9064	227	45	debt	debt	NOUN
ajfa-9064	227	46	issuance	issuance	NOUN
ajfa-9064	227	47	minus	minus	CCONJ
ajfa-9064	227	48	redemption	redemption	NOUN
ajfa-9064	227	49	.	.	PUNCT
ajfa-9064	228	1	in	in	ADP
ajfa-9064	228	2	the	the	DET
ajfa-9064	228	3	earnings	earning	NOUN
ajfa-9064	228	4	dimension	dimension	NOUN
ajfa-9064	228	5	,	,	PUNCT
ajfa-9064	228	6	the	the	DET
ajfa-9064	228	7	variables	variable	NOUN
ajfa-9064	228	8	include	include	VERB
ajfa-9064	228	9	earnings	earning	NOUN
ajfa-9064	228	10	before	before	ADP
ajfa-9064	228	11	extraordinary	extraordinary	ADJ
ajfa-9064	228	12	items	item	NOUN
ajfa-9064	228	13	and	and	CCONJ
ajfa-9064	228	14	interest	interest	NOUN
ajfa-9064	228	15	(	(	PUNCT
ajfa-9064	228	16	∆𝐸𝑖,𝑡	∆𝐸𝑖,𝑡	NOUN
ajfa-9064	228	17	)	)	PUNCT
ajfa-9064	228	18	,	,	PUNCT
ajfa-9064	228	19	change	change	NOUN
ajfa-9064	228	20	in	in	ADP
ajfa-9064	228	21	total	total	ADJ
ajfa-9064	228	22	assets	asset	NOUN
ajfa-9064	228	23	minus	minus	ADP
ajfa-9064	228	24	cash	cash	NOUN
ajfa-9064	228	25	and	and	CCONJ
ajfa-9064	228	26	cash	cash	NOUN
ajfa-9064	228	27	equivalents	equivalent	NOUN
ajfa-9064	228	28	(	(	PUNCT
ajfa-9064	228	29	∆𝑁𝐴𝑖,𝑡	∆𝑁𝐴𝑖,𝑡	NOUN
ajfa-9064	228	30	)	)	PUNCT
ajfa-9064	228	31	,	,	PUNCT
ajfa-9064	228	32	and	and	CCONJ
ajfa-9064	228	33	change	change	VERB
ajfa-9064	228	34	in	in	ADP
ajfa-9064	228	35	research	research	NOUN
ajfa-9064	228	36	and	and	CCONJ
ajfa-9064	228	37	development	development	NOUN
ajfa-9064	228	38	expense	expense	NOUN
ajfa-9064	228	39	(	(	PUNCT
ajfa-9064	228	40	∆𝑅𝐷𝑖,𝑡	∆𝑅𝐷𝑖,𝑡	NOUN
ajfa-9064	228	41	)	)	PUNCT
ajfa-9064	228	42	.	.	PUNCT
ajfa-9064	229	1	other	other	ADJ
ajfa-9064	229	2	control	control	NOUN
ajfa-9064	229	3	variables	variable	NOUN
ajfa-9064	229	4	include	include	VERB
ajfa-9064	229	5	cash	cash	NOUN
ajfa-9064	229	6	and	and	CCONJ
ajfa-9064	229	7	cash	cash	NOUN
ajfa-9064	229	8	equivalent	equivalent	ADJ
ajfa-9064	229	9	in	in	ADP
ajfa-9064	229	10	the	the	DET
ajfa-9064	229	11	previous	previous	ADJ
ajfa-9064	229	12	year	year	NOUN
ajfa-9064	229	13	(	(	PUNCT
ajfa-9064	229	14	𝐶𝑖,𝑡−1	𝐶𝑖,𝑡−1	PROPN
ajfa-9064	229	15	)	)	PUNCT
ajfa-9064	229	16	and	and	CCONJ
ajfa-9064	229	17	leverage	leverage	NOUN
ajfa-9064	229	18	(	(	PUNCT
ajfa-9064	229	19	𝐿𝑖,𝑡	𝐿𝑖,𝑡	PROPN
ajfa-9064	229	20	)	)	PUNCT
ajfa-9064	229	21	.	.	PUNCT
ajfa-9064	230	1	as	as	SCONJ
ajfa-9064	230	2	our	our	PRON
ajfa-9064	230	3	observations	observation	NOUN
ajfa-9064	230	4	span	span	VERB
ajfa-9064	230	5	six	six	NUM
ajfa-9064	230	6	years	year	NOUN
ajfa-9064	230	7	from	from	ADP
ajfa-9064	230	8	2005	2005	NUM
ajfa-9064	230	9	to	to	ADP
ajfa-9064	230	10	2011	2011	NUM
ajfa-9064	230	11	,	,	PUNCT
ajfa-9064	230	12	we	we	PRON
ajfa-9064	230	13	use	use	VERB
ajfa-9064	230	14	six	six	NUM
ajfa-9064	230	15	dummy	dummy	ADJ
ajfa-9064	230	16	variables	variable	NOUN
ajfa-9064	230	17	of	of	ADP
ajfa-9064	230	18	year	year	NOUN
ajfa-9064	230	19	to	to	PART
ajfa-9064	230	20	control	control	VERB
ajfa-9064	230	21	the	the	DET
ajfa-9064	230	22	effect	effect	NOUN
ajfa-9064	230	23	of	of	ADP
ajfa-9064	230	24	year	year	NOUN
ajfa-9064	230	25	.	.	PUNCT
ajfa-9064	231	1	besides	besides	SCONJ
ajfa-9064	231	2	,	,	PUNCT
ajfa-9064	231	3	the	the	DET
ajfa-9064	231	4	industry	industry	NOUN
ajfa-9064	231	5	of	of	ADP
ajfa-9064	231	6	each	each	DET
ajfa-9064	231	7	asian	asian	ADJ
ajfa-9064	231	8	journal	journal	NOUN
ajfa-9064	231	9	of	of	ADP
ajfa-9064	231	10	finance	finance	PROPN
ajfa-9064	231	11	&	&	CCONJ
ajfa-9064	231	12	accounting	accounting	PROPN
ajfa-9064	231	13	issn	issn	PROPN
ajfa-9064	231	14	1946	1946	NUM
ajfa-9064	231	15	-	-	PUNCT
ajfa-9064	231	16	052x	052x	PROPN
ajfa-9064	231	17	2016	2016	NUM
ajfa-9064	231	18	,	,	PUNCT
ajfa-9064	231	19	vol	vol	NOUN
ajfa-9064	231	20	.	.	PROPN
ajfa-9064	231	21	8	8	NUM
ajfa-9064	231	22	,	,	PUNCT
ajfa-9064	231	23	no	no	INTJ
ajfa-9064	231	24	.	.	NOUN
ajfa-9064	231	25	1	1	NUM
ajfa-9064	231	26	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9064	231	27	111	111	NUM
ajfa-9064	231	28	sample	sample	NOUN
ajfa-9064	231	29	is	be	AUX
ajfa-9064	231	30	determined	determine	VERB
ajfa-9064	231	31	according	accord	VERB
ajfa-9064	231	32	to	to	ADP
ajfa-9064	231	33	tej	tej	PROPN
ajfa-9064	231	34	’s	’s	PART
ajfa-9064	231	35	classification	classification	NOUN
ajfa-9064	231	36	.	.	PUNCT
ajfa-9064	232	1	as	as	SCONJ
ajfa-9064	232	2	shown	show	VERB
ajfa-9064	232	3	in	in	ADP
ajfa-9064	232	4	table	table	NOUN
ajfa-9064	232	5	5	5	NUM
ajfa-9064	232	6	,	,	PUNCT
ajfa-9064	232	7	we	we	PRON
ajfa-9064	232	8	classify	classify	VERB
ajfa-9064	232	9	the	the	DET
ajfa-9064	232	10	sample	sample	NOUN
ajfa-9064	232	11	firms	firm	NOUN
ajfa-9064	232	12	into	into	ADP
ajfa-9064	232	13	five	five	NUM
ajfa-9064	232	14	major	major	ADJ
ajfa-9064	232	15	industries	industry	NOUN
ajfa-9064	232	16	.	.	PUNCT
ajfa-9064	233	1	hence	hence	ADV
ajfa-9064	233	2	,	,	PUNCT
ajfa-9064	233	3	we	we	PRON
ajfa-9064	233	4	use	use	VERB
ajfa-9064	233	5	four	four	NUM
ajfa-9064	233	6	dummy	dummy	ADJ
ajfa-9064	233	7	variables	variable	NOUN
ajfa-9064	233	8	of	of	ADP
ajfa-9064	233	9	industry	industry	NOUN
ajfa-9064	233	10	.	.	PUNCT
ajfa-9064	234	1	the	the	DET
ajfa-9064	234	2	operational	operational	ADJ
ajfa-9064	234	3	definition	definition	NOUN
ajfa-9064	234	4	of	of	ADP
ajfa-9064	234	5	each	each	DET
ajfa-9064	234	6	variable	variable	NOUN
ajfa-9064	234	7	is	be	AUX
ajfa-9064	234	8	provided	provide	VERB
ajfa-9064	234	9	in	in	ADP
ajfa-9064	234	10	table	table	NOUN
ajfa-9064	234	11	2	2	NUM
ajfa-9064	234	12	.	.	PUNCT
ajfa-9064	234	13	table	table	NOUN
ajfa-9064	234	14	2	2	NUM
ajfa-9064	234	15	.	.	PUNCT
ajfa-9064	234	16	definition	definition	NOUN
ajfa-9064	234	17	of	of	ADP
ajfa-9064	234	18	variables	variable	NOUN
ajfa-9064	234	19	variable	variable	ADJ
ajfa-9064	234	20	operational	operational	ADJ
ajfa-9064	234	21	definition	definition	NOUN
ajfa-9064	234	22	rt	rt	PROPN
ajfa-9064	235	1	−	−	PROPN
ajfa-9064	235	2	rt	rt	PROPN
ajfa-9064	235	3	b	b	PROPN
ajfa-9064	235	4	it	it	PRON
ajfa-9064	235	5	is	be	AUX
ajfa-9064	235	6	defined	define	VERB
ajfa-9064	235	7	as	as	ADP
ajfa-9064	235	8	the	the	DET
ajfa-9064	235	9	difference	difference	NOUN
ajfa-9064	235	10	between	between	ADP
ajfa-9064	235	11	the	the	DET
ajfa-9064	235	12	actual	actual	ADJ
ajfa-9064	235	13	return	return	NOUN
ajfa-9064	235	14	of	of	ADP
ajfa-9064	235	15	a	a	DET
ajfa-9064	235	16	stock	stock	NOUN
ajfa-9064	235	17	and	and	CCONJ
ajfa-9064	235	18	the	the	DET
ajfa-9064	235	19	benchmark	benchmark	NOUN
ajfa-9064	235	20	return	return	NOUN
ajfa-9064	235	21	.	.	PUNCT
ajfa-9064	236	1	rtis	rtis	NOUN
ajfa-9064	236	2	the	the	DET
ajfa-9064	236	3	actual	actual	ADJ
ajfa-9064	236	4	return	return	NOUN
ajfa-9064	236	5	of	of	ADP
ajfa-9064	236	6	stock	stock	NOUN
ajfa-9064	236	7	of	of	ADP
ajfa-9064	236	8	firm	firm	NOUN
ajfa-9064	236	9	i	i	PRON
ajfa-9064	236	10	over	over	ADP
ajfa-9064	236	11	year	year	NOUN
ajfa-9064	236	12	t.	t.	NOUN
ajfa-9064	237	1	the	the	DET
ajfa-9064	237	2	benchmark	benchmark	NOUN
ajfa-9064	237	3	return	return	NOUN
ajfa-9064	237	4	is	be	AUX
ajfa-9064	237	5	the	the	DET
ajfa-9064	237	6	return	return	NOUN
ajfa-9064	237	7	of	of	ADP
ajfa-9064	237	8	a	a	DET
ajfa-9064	237	9	portfolio	portfolio	NOUN
ajfa-9064	237	10	of	of	ADP
ajfa-9064	237	11	stocks	stock	NOUN
ajfa-9064	237	12	with	with	ADP
ajfa-9064	237	13	similar	similar	ADJ
ajfa-9064	237	14	size	size	NOUN
ajfa-9064	237	15	and	and	CCONJ
ajfa-9064	237	16	book	book	NOUN
ajfa-9064	237	17	-	-	PUNCT
ajfa-9064	237	18	to	to	ADP
ajfa-9064	237	19	-	-	PUNCT
ajfa-9064	237	20	market	market	NOUN
ajfa-9064	237	21	characteristics	characteristic	NOUN
ajfa-9064	237	22	(	(	PUNCT
ajfa-9064	237	23	fama	fama	NOUN
ajfa-9064	237	24	and	and	CCONJ
ajfa-9064	237	25	french	french	ADJ
ajfa-9064	237	26	,	,	PUNCT
ajfa-9064	237	27	1993).we	1993).we	NUM
ajfa-9064	237	28	sort	sort	NOUN
ajfa-9064	237	29	all	all	DET
ajfa-9064	237	30	the	the	DET
ajfa-9064	237	31	listed	list	VERB
ajfa-9064	237	32	firms	firm	NOUN
ajfa-9064	237	33	by	by	ADP
ajfa-9064	237	34	market	market	NOUN
ajfa-9064	237	35	value	value	NOUN
ajfa-9064	237	36	and	and	CCONJ
ajfa-9064	237	37	book	book	NOUN
ajfa-9064	237	38	-	-	PUNCT
ajfa-9064	237	39	to	to	ADP
ajfa-9064	237	40	-	-	PUNCT
ajfa-9064	237	41	market	market	NOUN
ajfa-9064	237	42	ratio	ratio	NOUN
ajfa-9064	237	43	(	(	PUNCT
ajfa-9064	237	44	be	be	AUX
ajfa-9064	237	45	/	/	SYM
ajfa-9064	237	46	me	i	PRON
ajfa-9064	237	47	)	)	PUNCT
ajfa-9064	237	48	in	in	ADP
ajfa-9064	237	49	ascending	ascend	VERB
ajfa-9064	237	50	order	order	NOUN
ajfa-9064	237	51	and	and	CCONJ
ajfa-9064	237	52	divide	divide	VERB
ajfa-9064	237	53	them	they	PRON
ajfa-9064	237	54	into	into	ADP
ajfa-9064	237	55	five	five	NUM
ajfa-9064	237	56	groups	group	NOUN
ajfa-9064	237	57	by	by	ADP
ajfa-9064	237	58	each	each	DET
ajfa-9064	237	59	index	index	NOUN
ajfa-9064	237	60	.	.	PUNCT
ajfa-9064	238	1	by	by	ADP
ajfa-9064	238	2	doing	do	VERB
ajfa-9064	238	3	so	so	ADV
ajfa-9064	238	4	,	,	PUNCT
ajfa-9064	238	5	we	we	PRON
ajfa-9064	238	6	can	can	AUX
ajfa-9064	238	7	obtain	obtain	VERB
ajfa-9064	238	8	a	a	DET
ajfa-9064	238	9	total	total	NOUN
ajfa-9064	238	10	of	of	ADP
ajfa-9064	238	11	25	25	NUM
ajfa-9064	238	12	combinations	combination	NOUN
ajfa-9064	238	13	of	of	ADP
ajfa-9064	238	14	size	size	NOUN
ajfa-9064	238	15	and	and	CCONJ
ajfa-9064	238	16	book	book	NOUN
ajfa-9064	238	17	-	-	PUNCT
ajfa-9064	238	18	to	to	ADP
ajfa-9064	238	19	-	-	PUNCT
ajfa-9064	238	20	market	market	NOUN
ajfa-9064	238	21	ratio	ratio	NOUN
ajfa-9064	238	22	.	.	PUNCT
ajfa-9064	239	1	𝑅𝑖,𝑡	𝑅𝑖,𝑡	ADJ
ajfa-9064	239	2	𝐵	𝐵	NOUN
ajfa-9064	239	3	is	be	AUX
ajfa-9064	239	4	the	the	DET
ajfa-9064	239	5	return	return	NOUN
ajfa-9064	239	6	of	of	ADP
ajfa-9064	239	7	a	a	DET
ajfa-9064	239	8	portfolio	portfolio	NOUN
ajfa-9064	239	9	of	of	ADP
ajfa-9064	239	10	stocks	stock	NOUN
ajfa-9064	239	11	to	to	PART
ajfa-9064	239	12	which	which	DET
ajfa-9064	239	13	firm	firm	NOUN
ajfa-9064	239	14	i	i	PRON
ajfa-9064	239	15	belongs	belong	VERB
ajfa-9064	239	16	over	over	ADP
ajfa-9064	239	17	year	year	NOUN
ajfa-9064	239	18	t.	t.	PROPN
ajfa-9064	239	19	∆𝐶𝑡	∆𝐶𝑡	PROPN
ajfa-9064	239	20	change	change	VERB
ajfa-9064	239	21	in	in	ADP
ajfa-9064	239	22	cash	cash	NOUN
ajfa-9064	239	23	and	and	CCONJ
ajfa-9064	239	24	cash	cash	NOUN
ajfa-9064	239	25	equivalent	equivalent	ADJ
ajfa-9064	239	26	from	from	ADP
ajfa-9064	239	27	t-1	t-1	PROPN
ajfa-9064	239	28	to	to	PART
ajfa-9064	239	29	tdivided	tdivide	VERB
ajfa-9064	239	30	by	by	ADP
ajfa-9064	239	31	the	the	DET
ajfa-9064	239	32	lagged	lag	VERB
ajfa-9064	239	33	market	market	NOUN
ajfa-9064	239	34	value	value	NOUN
ajfa-9064	239	35	of	of	ADP
ajfa-9064	239	36	equity	equity	NOUN
ajfa-9064	239	37	𝐴𝐶𝑡	𝐴𝐶𝑡	NOUN
ajfa-9064	239	38	if	if	SCONJ
ajfa-9064	239	39	the	the	DET
ajfa-9064	239	40	firm	firm	NOUN
ajfa-9064	239	41	has	have	VERB
ajfa-9064	239	42	an	an	DET
ajfa-9064	239	43	audit	audit	NOUN
ajfa-9064	239	44	committee	committee	NOUN
ajfa-9064	239	45	,	,	PUNCT
ajfa-9064	239	46	this	this	DET
ajfa-9064	239	47	variable	variable	NOUN
ajfa-9064	239	48	is	be	AUX
ajfa-9064	239	49	1	1	NUM
ajfa-9064	239	50	;	;	PUNCT
ajfa-9064	239	51	if	if	SCONJ
ajfa-9064	239	52	otherwise	otherwise	ADV
ajfa-9064	239	53	,	,	PUNCT
ajfa-9064	239	54	this	this	DET
ajfa-9064	239	55	variable	variable	NOUN
ajfa-9064	239	56	is	be	AUX
ajfa-9064	239	57	0	0	NUM
ajfa-9064	239	58	.	.	PUNCT
ajfa-9064	239	59	𝑃𝑂𝑆𝑇𝑡	𝑃𝑂𝑆𝑇𝑡	SYM
ajfa-9064	239	60	1	1	NUM
ajfa-9064	239	61	denotes	denote	NOUN
ajfa-9064	239	62	the	the	DET
ajfa-9064	239	63	year	year	NOUN
ajfa-9064	239	64	when	when	SCONJ
ajfa-9064	239	65	an	an	DET
ajfa-9064	239	66	audit	audit	NOUN
ajfa-9064	239	67	committee	committee	NOUN
ajfa-9064	239	68	is	be	AUX
ajfa-9064	239	69	established	establish	VERB
ajfa-9064	239	70	and	and	CCONJ
ajfa-9064	239	71	the	the	DET
ajfa-9064	239	72	following	following	ADJ
ajfa-9064	239	73	year	year	NOUN
ajfa-9064	239	74	,	,	PUNCT
ajfa-9064	239	75	and	and	CCONJ
ajfa-9064	239	76	0	0	NUM
ajfa-9064	239	77	denotes	denote	VERB
ajfa-9064	239	78	other	other	ADJ
ajfa-9064	239	79	periods	period	NOUN
ajfa-9064	239	80	of	of	ADP
ajfa-9064	239	81	time	time	NOUN
ajfa-9064	239	82	.	.	PUNCT
ajfa-9064	240	1	∆𝐸𝑡	∆𝐸𝑡	VERB
ajfa-9064	240	2	change	change	NOUN
ajfa-9064	240	3	in	in	ADP
ajfa-9064	240	4	earnings	earning	NOUN
ajfa-9064	240	5	before	before	ADP
ajfa-9064	240	6	extraordinary	extraordinary	ADJ
ajfa-9064	240	7	items	item	NOUN
ajfa-9064	240	8	and	and	CCONJ
ajfa-9064	240	9	interest	interest	NOUN
ajfa-9064	240	10	divided	divide	VERB
ajfa-9064	240	11	by	by	ADP
ajfa-9064	240	12	the	the	DET
ajfa-9064	240	13	lagged	lag	VERB
ajfa-9064	240	14	market	market	NOUN
ajfa-9064	240	15	value	value	NOUN
ajfa-9064	240	16	of	of	ADP
ajfa-9064	240	17	equity	equity	NOUN
ajfa-9064	240	18	∆𝑁𝐴𝑡	∆𝑁𝐴𝑡	NOUN
ajfa-9064	240	19	change	change	NOUN
ajfa-9064	240	20	in	in	ADP
ajfa-9064	240	21	total	total	ADJ
ajfa-9064	240	22	assets	asset	NOUN
ajfa-9064	240	23	minus	minus	ADP
ajfa-9064	240	24	cash	cash	NOUN
ajfa-9064	240	25	and	and	CCONJ
ajfa-9064	240	26	cash	cash	NOUN
ajfa-9064	240	27	equivalents	equivalent	NOUN
ajfa-9064	240	28	divided	divide	VERB
ajfa-9064	240	29	by	by	ADP
ajfa-9064	240	30	the	the	DET
ajfa-9064	240	31	lagged	lag	VERB
ajfa-9064	240	32	market	market	NOUN
ajfa-9064	240	33	value	value	NOUN
ajfa-9064	240	34	of	of	ADP
ajfa-9064	240	35	equity	equity	NOUN
ajfa-9064	240	36	∆𝑅𝐷𝑡	∆𝑅𝐷𝑡	PROPN
ajfa-9064	240	37	change	change	NOUN
ajfa-9064	240	38	in	in	ADP
ajfa-9064	240	39	research	research	NOUN
ajfa-9064	240	40	and	and	CCONJ
ajfa-9064	240	41	development	development	NOUN
ajfa-9064	240	42	expense	expense	NOUN
ajfa-9064	240	43	divided	divide	VERB
ajfa-9064	240	44	by	by	ADP
ajfa-9064	240	45	the	the	DET
ajfa-9064	240	46	lagged	lag	VERB
ajfa-9064	240	47	market	market	NOUN
ajfa-9064	240	48	value	value	NOUN
ajfa-9064	240	49	of	of	ADP
ajfa-9064	240	50	equity	equity	NOUN
ajfa-9064	240	51	∆𝐼𝑡	∆𝐼𝑡	PROPN
ajfa-9064	240	52	change	change	NOUN
ajfa-9064	240	53	in	in	ADP
ajfa-9064	240	54	interest	interest	NOUN
ajfa-9064	240	55	expense	expense	NOUN
ajfa-9064	240	56	divided	divide	VERB
ajfa-9064	240	57	by	by	ADP
ajfa-9064	240	58	the	the	DET
ajfa-9064	240	59	lagged	lag	VERB
ajfa-9064	240	60	market	market	NOUN
ajfa-9064	240	61	value	value	NOUN
ajfa-9064	240	62	of	of	ADP
ajfa-9064	240	63	equity	equity	NOUN
ajfa-9064	240	64	∆𝐷𝑡	∆𝐷𝑡	DET
ajfa-9064	240	65	change	change	NOUN
ajfa-9064	240	66	in	in	ADP
ajfa-9064	240	67	dividends	dividend	NOUN
ajfa-9064	240	68	on	on	ADP
ajfa-9064	240	69	common	common	ADJ
ajfa-9064	240	70	shares	share	NOUN
ajfa-9064	240	71	divided	divide	VERB
ajfa-9064	240	72	by	by	ADP
ajfa-9064	240	73	the	the	DET
ajfa-9064	240	74	lagged	lag	VERB
ajfa-9064	240	75	market	market	NOUN
ajfa-9064	240	76	value	value	NOUN
ajfa-9064	240	77	of	of	ADP
ajfa-9064	240	78	equity	equity	NOUN
ajfa-9064	240	79	𝐶𝑡−1	𝐶𝑡−1	PROPN
ajfa-9064	240	80	cash	cash	NOUN
ajfa-9064	240	81	and	and	CCONJ
ajfa-9064	240	82	cash	cash	NOUN
ajfa-9064	240	83	equivalents	equivalent	NOUN
ajfa-9064	240	84	at	at	ADP
ajfa-9064	240	85	t-1	t-1	PROPN
ajfa-9064	240	86	divided	divide	VERB
ajfa-9064	240	87	by	by	ADP
ajfa-9064	240	88	the	the	DET
ajfa-9064	240	89	lagged	lag	VERB
ajfa-9064	240	90	market	market	NOUN
ajfa-9064	240	91	value	value	NOUN
ajfa-9064	240	92	of	of	ADP
ajfa-9064	240	93	equity	equity	NOUN
ajfa-9064	240	94	𝐿𝑡	𝐿𝑡	VERB
ajfa-9064	240	95	the	the	DET
ajfa-9064	240	96	ratio	ratio	NOUN
ajfa-9064	240	97	of	of	ADP
ajfa-9064	240	98	total	total	ADJ
ajfa-9064	240	99	debts	debt	NOUN
ajfa-9064	240	100	to	to	ADP
ajfa-9064	240	101	the	the	DET
ajfa-9064	240	102	sum	sum	NOUN
ajfa-9064	240	103	of	of	ADP
ajfa-9064	240	104	market	market	NOUN
ajfa-9064	240	105	value	value	NOUN
ajfa-9064	240	106	of	of	ADP
ajfa-9064	240	107	equities	equity	NOUN
ajfa-9064	240	108	and	and	CCONJ
ajfa-9064	240	109	total	total	ADJ
ajfa-9064	240	110	debts	debt	NOUN
ajfa-9064	240	111	𝑁𝐹𝑡	𝑁𝐹𝑡	NOUN
ajfa-9064	240	112	the	the	DET
ajfa-9064	240	113	total	total	ADJ
ajfa-9064	240	114	equity	equity	NOUN
ajfa-9064	240	115	issuance	issuance	NOUN
ajfa-9064	240	116	minus	minus	ADP
ajfa-9064	240	117	repurchases	repurchase	NOUN
ajfa-9064	240	118	plus	plus	CCONJ
ajfa-9064	240	119	debt	debt	NOUN
ajfa-9064	240	120	issuance	issuance	NOUN
ajfa-9064	240	121	minus	minus	ADP
ajfa-9064	240	122	debt	debt	NOUN
ajfa-9064	240	123	redemption	redemption	NOUN
ajfa-9064	240	124	divided	divide	VERB
ajfa-9064	240	125	by	by	ADP
ajfa-9064	240	126	the	the	DET
ajfa-9064	240	127	lagged	lag	VERB
ajfa-9064	240	128	market	market	NOUN
ajfa-9064	240	129	value	value	NOUN
ajfa-9064	240	130	of	of	ADP
ajfa-9064	240	131	equity	equity	NOUN
ajfa-9064	240	132	𝑀𝑡−1	𝑀𝑡−1	PROPN
ajfa-9064	240	133	market	market	NOUN
ajfa-9064	240	134	value	value	NOUN
ajfa-9064	240	135	of	of	ADP
ajfa-9064	240	136	the	the	DET
ajfa-9064	240	137	firm	firm	NOUN
ajfa-9064	240	138	over	over	ADP
ajfa-9064	240	139	year	year	NOUN
ajfa-9064	240	140	t-1	t-1	PROPN
ajfa-9064	240	141	3.3	3.3	NUM
ajfa-9064	240	142	empirical	empirical	ADJ
ajfa-9064	240	143	model	model	NOUN
ajfa-9064	240	144	we	we	PRON
ajfa-9064	240	145	extend	extend	VERB
ajfa-9064	240	146	the	the	DET
ajfa-9064	240	147	value	value	NOUN
ajfa-9064	240	148	model	model	NOUN
ajfa-9064	240	149	of	of	ADP
ajfa-9064	240	150	cash	cash	NOUN
ajfa-9064	240	151	holdings	holding	NOUN
ajfa-9064	240	152	developed	develop	VERB
ajfa-9064	240	153	by	by	ADP
ajfa-9064	240	154	faulkender	faulkender	NOUN
ajfa-9064	240	155	and	and	CCONJ
ajfa-9064	240	156	wang	wang	PROPN
ajfa-9064	240	157	(	(	PUNCT
ajfa-9064	240	158	2006	2006	NUM
ajfa-9064	240	159	)	)	PUNCT
ajfa-9064	240	160	as	as	SCONJ
ajfa-9064	240	161	shown	show	VERB
ajfa-9064	240	162	in	in	ADP
ajfa-9064	240	163	equation	equation	NOUN
ajfa-9064	240	164	(	(	PUNCT
ajfa-9064	240	165	1	1	NUM
ajfa-9064	240	166	)	)	PUNCT
ajfa-9064	240	167	to	to	PART
ajfa-9064	240	168	investigate	investigate	VERB
ajfa-9064	240	169	whether	whether	SCONJ
ajfa-9064	240	170	the	the	DET
ajfa-9064	240	171	relation	relation	NOUN
ajfa-9064	240	172	between	between	ADP
ajfa-9064	240	173	abnormal	abnormal	ADJ
ajfa-9064	240	174	return	return	NOUN
ajfa-9064	240	175	(	(	PUNCT
ajfa-9064	240	176	𝑟𝑖,𝑡	𝑟𝑖,𝑡	VERB
ajfa-9064	240	177	−	−	ADP
ajfa-9064	240	178	𝑅𝑖,𝑡	𝑅𝑖,𝑡	PROPN
ajfa-9064	240	179	𝐵	𝐵	NOUN
ajfa-9064	240	180	)	)	PUNCT
ajfa-9064	240	181	and	and	CCONJ
ajfa-9064	240	182	change	change	NOUN
ajfa-9064	240	183	in	in	ADP
ajfa-9064	240	184	cash	cash	NOUN
ajfa-9064	240	185	(	(	PUNCT
ajfa-9064	240	186	∆𝐶𝑖,𝑡	∆𝐶𝑖,𝑡	NOUN
ajfa-9064	240	187	)	)	PUNCT
ajfa-9064	240	188	varies	vary	VERB
ajfa-9064	240	189	significantly	significantly	ADV
ajfa-9064	240	190	after	after	ADP
ajfa-9064	240	191	establishment	establishment	NOUN
ajfa-9064	240	192	of	of	ADP
ajfa-9064	240	193	an	an	DET
ajfa-9064	240	194	audit	audit	NOUN
ajfa-9064	240	195	committee	committee	NOUN
ajfa-9064	240	196	.	.	PUNCT
ajfa-9064	241	1	if	if	SCONJ
ajfa-9064	241	2	the	the	DET
ajfa-9064	241	3	effect	effect	NOUN
ajfa-9064	241	4	of	of	ADP
ajfa-9064	241	5	agency	agency	NOUN
ajfa-9064	241	6	cost	cost	NOUN
ajfa-9064	241	7	is	be	AUX
ajfa-9064	241	8	controlled	control	VERB
ajfa-9064	241	9	for	for	ADP
ajfa-9064	241	10	,	,	PUNCT
ajfa-9064	241	11	each	each	DET
ajfa-9064	241	12	additional	additional	ADJ
ajfa-9064	241	13	dollar	dollar	NOUN
ajfa-9064	241	14	held	hold	VERB
ajfa-9064	241	15	can	can	AUX
ajfa-9064	241	16	bring	bring	VERB
ajfa-9064	241	17	a	a	DET
ajfa-9064	241	18	proportional	proportional	ADJ
ajfa-9064	241	19	amount	amount	NOUN
ajfa-9064	241	20	of	of	ADP
ajfa-9064	241	21	price	price	NOUN
ajfa-9064	241	22	return	return	NOUN
ajfa-9064	241	23	to	to	ADP
ajfa-9064	241	24	the	the	DET
ajfa-9064	241	25	firm	firm	NOUN
ajfa-9064	241	26	.	.	PUNCT
ajfa-9064	242	1	we	we	PRON
ajfa-9064	242	2	extend	extend	VERB
ajfa-9064	242	3	faulkender	faulkender	NOUN
ajfa-9064	242	4	and	and	CCONJ
ajfa-9064	242	5	wang	wang	PROPN
ajfa-9064	242	6	’s	’s	PART
ajfa-9064	242	7	(	(	PUNCT
ajfa-9064	242	8	2006	2006	NUM
ajfa-9064	242	9	)	)	PUNCT
ajfa-9064	242	10	model	model	NOUN
ajfa-9064	242	11	by	by	ADP
ajfa-9064	242	12	asian	asian	ADJ
ajfa-9064	242	13	journal	journal	PROPN
ajfa-9064	242	14	of	of	ADP
ajfa-9064	242	15	finance	finance	PROPN
ajfa-9064	242	16	&	&	CCONJ
ajfa-9064	242	17	accounting	accounting	PROPN
ajfa-9064	242	18	issn	issn	PROPN
ajfa-9064	242	19	1946	1946	NUM
ajfa-9064	242	20	-	-	PUNCT
ajfa-9064	242	21	052x	052x	PROPN
ajfa-9064	242	22	2016	2016	NUM
ajfa-9064	242	23	,	,	PUNCT
ajfa-9064	242	24	vol	vol	NOUN
ajfa-9064	242	25	.	.	PROPN
ajfa-9064	242	26	8	8	NUM
ajfa-9064	242	27	,	,	PUNCT
ajfa-9064	242	28	no	no	INTJ
ajfa-9064	242	29	.	.	NOUN
ajfa-9064	242	30	1	1	NUM
ajfa-9064	242	31	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9064	242	32	112	112	NUM
ajfa-9064	242	33	including	include	VERB
ajfa-9064	242	34	a	a	DET
ajfa-9064	242	35	few	few	ADJ
ajfa-9064	242	36	extra	extra	ADJ
ajfa-9064	242	37	variables	variable	NOUN
ajfa-9064	242	38	.	.	PUNCT
ajfa-9064	243	1	one	one	NUM
ajfa-9064	243	2	of	of	ADP
ajfa-9064	243	3	them	they	PRON
ajfa-9064	243	4	is	be	AUX
ajfa-9064	243	5	a	a	DET
ajfa-9064	243	6	product	product	NOUN
ajfa-9064	243	7	term	term	NOUN
ajfa-9064	243	8	of	of	ADP
ajfa-9064	243	9	post	post	NOUN
ajfa-9064	243	10	-	-	NOUN
ajfa-9064	243	11	establishment	establishment	NOUN
ajfa-9064	243	12	of	of	ADP
ajfa-9064	243	13	an	an	DET
ajfa-9064	243	14	audit	audit	NOUN
ajfa-9064	243	15	committee	committee	NOUN
ajfa-9064	243	16	(	(	PUNCT
ajfa-9064	243	17	𝑃𝑂𝑆𝑇𝑖,𝑡	𝑃𝑂𝑆𝑇𝑖,𝑡	ADJ
ajfa-9064	243	18	)	)	PUNCT
ajfa-9064	243	19	and	and	CCONJ
ajfa-9064	243	20	change	change	VERB
ajfa-9064	243	21	in	in	ADP
ajfa-9064	243	22	cash	cash	NOUN
ajfa-9064	243	23	.	.	PUNCT
ajfa-9064	244	1	this	this	DET
ajfa-9064	244	2	variable	variable	NOUN
ajfa-9064	244	3	is	be	AUX
ajfa-9064	244	4	used	use	VERB
ajfa-9064	244	5	to	to	PART
ajfa-9064	244	6	examine	examine	VERB
ajfa-9064	244	7	whether	whether	SCONJ
ajfa-9064	244	8	the	the	DET
ajfa-9064	244	9	marginal	marginal	ADJ
ajfa-9064	244	10	value	value	NOUN
ajfa-9064	244	11	of	of	ADP
ajfa-9064	244	12	each	each	DET
ajfa-9064	244	13	dollar	dollar	NOUN
ajfa-9064	244	14	rises	rise	VERB
ajfa-9064	244	15	after	after	ADP
ajfa-9064	244	16	establishment	establishment	NOUN
ajfa-9064	244	17	of	of	ADP
ajfa-9064	244	18	an	an	DET
ajfa-9064	244	19	audit	audit	NOUN
ajfa-9064	244	20	committee	committee	NOUN
ajfa-9064	244	21	,	,	PUNCT
ajfa-9064	244	22	that	that	ADV
ajfa-9064	244	23	is	is	ADV
ajfa-9064	244	24	,	,	PUNCT
ajfa-9064	244	25	whether	whether	SCONJ
ajfa-9064	244	26	setting	set	VERB
ajfa-9064	244	27	up	up	ADP
ajfa-9064	244	28	an	an	DET
ajfa-9064	244	29	audit	audit	NOUN
ajfa-9064	244	30	committee	committee	NOUN
ajfa-9064	244	31	can	can	AUX
ajfa-9064	244	32	lead	lead	VERB
ajfa-9064	244	33	to	to	ADP
ajfa-9064	244	34	a	a	DET
ajfa-9064	244	35	reduction	reduction	NOUN
ajfa-9064	244	36	of	of	ADP
ajfa-9064	244	37	agency	agency	NOUN
ajfa-9064	244	38	cost	cost	NOUN
ajfa-9064	244	39	.	.	PUNCT
ajfa-9064	245	1	to	to	PART
ajfa-9064	245	2	control	control	VERB
ajfa-9064	245	3	the	the	DET
ajfa-9064	245	4	effect	effect	NOUN
ajfa-9064	245	5	of	of	ADP
ajfa-9064	245	6	industry	industry	NOUN
ajfa-9064	245	7	on	on	ADP
ajfa-9064	245	8	stock	stock	NOUN
ajfa-9064	245	9	returns	return	NOUN
ajfa-9064	245	10	,	,	PUNCT
ajfa-9064	245	11	we	we	PRON
ajfa-9064	245	12	also	also	ADV
ajfa-9064	245	13	include	include	VERB
ajfa-9064	245	14	the	the	DET
ajfa-9064	245	15	fixed	fix	VERB
ajfa-9064	245	16	effects	effect	NOUN
ajfa-9064	245	17	of	of	ADP
ajfa-9064	245	18	industry	industry	NOUN
ajfa-9064	245	19	.	.	PUNCT
ajfa-9064	246	1	𝛿13is	𝛿13is	PROPN
ajfa-9064	246	2	a	a	DET
ajfa-9064	246	3	focus	focus	NOUN
ajfa-9064	246	4	variable	variable	NOUN
ajfa-9064	246	5	in	in	ADP
ajfa-9064	246	6	this	this	DET
ajfa-9064	246	7	empirical	empirical	ADJ
ajfa-9064	246	8	model	model	NOUN
ajfa-9064	246	9	.	.	PUNCT
ajfa-9064	247	1	a	a	DET
ajfa-9064	247	2	significantly	significantly	ADV
ajfa-9064	247	3	positive	positive	ADJ
ajfa-9064	247	4	value	value	NOUN
ajfa-9064	247	5	of	of	ADP
ajfa-9064	247	6	this	this	DET
ajfa-9064	247	7	coefficient	coefficient	NOUN
ajfa-9064	247	8	suggests	suggest	VERB
ajfa-9064	247	9	a	a	DET
ajfa-9064	247	10	rise	rise	NOUN
ajfa-9064	247	11	in	in	ADP
ajfa-9064	247	12	the	the	DET
ajfa-9064	247	13	value	value	NOUN
ajfa-9064	247	14	of	of	ADP
ajfa-9064	247	15	cash	cash	NOUN
ajfa-9064	247	16	holdings	holding	NOUN
ajfa-9064	247	17	after	after	ADP
ajfa-9064	247	18	establishment	establishment	NOUN
ajfa-9064	247	19	of	of	ADP
ajfa-9064	247	20	an	an	DET
ajfa-9064	247	21	audit	audit	NOUN
ajfa-9064	247	22	committee	committee	NOUN
ajfa-9064	247	23	.	.	PUNCT
ajfa-9064	248	1	it	it	PRON
ajfa-9064	248	2	can	can	AUX
ajfa-9064	248	3	offer	offer	VERB
ajfa-9064	248	4	preliminary	preliminary	ADJ
ajfa-9064	248	5	evidence	evidence	NOUN
ajfa-9064	248	6	that	that	SCONJ
ajfa-9064	248	7	setting	set	VERB
ajfa-9064	248	8	up	up	ADP
ajfa-9064	248	9	an	an	DET
ajfa-9064	248	10	audit	audit	NOUN
ajfa-9064	248	11	committee	committee	NOUN
ajfa-9064	248	12	contributes	contribute	VERB
ajfa-9064	248	13	to	to	ADP
ajfa-9064	248	14	reduction	reduction	NOUN
ajfa-9064	248	15	of	of	ADP
ajfa-9064	248	16	agency	agency	NOUN
ajfa-9064	248	17	costs	cost	NOUN
ajfa-9064	248	18	.	.	PUNCT
ajfa-9064	249	1	𝑟𝑖,𝑡	𝑟𝑖,𝑡	PUNCT
ajfa-9064	250	1	−	−	PUNCT
ajfa-9064	250	2	𝑅𝑖,𝑡	𝑅𝑖,𝑡	VERB
ajfa-9064	250	3	𝐵	𝐵	NOUN
ajfa-9064	250	4	=	=	SYM
ajfa-9064	250	5	𝛿0	𝛿0	NOUN
ajfa-9064	250	6	+	+	CCONJ
ajfa-9064	250	7	𝛿1∆𝐶𝑖,𝑡	𝛿1∆𝐶𝑖,𝑡	ADJ
ajfa-9064	250	8	+	+	CCONJ
ajfa-9064	250	9	𝛿2𝑃𝑂𝑆𝑇𝑖,𝑡	𝛿2𝑃𝑂𝑆𝑇𝑖,𝑡	NOUN
ajfa-9064	250	10	+	+	CCONJ
ajfa-9064	250	11	𝛿3∆𝐸𝑖,𝑡	𝛿3∆𝐸𝑖,𝑡	VERB
ajfa-9064	250	12	+	+	CCONJ
ajfa-9064	250	13	𝛿4∆𝑁𝐴𝑖,𝑡	𝛿4∆𝑁𝐴𝑖,𝑡	NOUN
ajfa-9064	250	14	+	+	CCONJ
ajfa-9064	250	15	𝛿5∆𝑅𝐷𝑖,𝑡	𝛿5∆𝑅𝐷𝑖,𝑡	NOUN
ajfa-9064	250	16	+	+	CCONJ
ajfa-9064	250	17	𝛿6∆𝐼𝑖,𝑡	𝛿6∆𝐼𝑖,𝑡	ADJ
ajfa-9064	250	18	+	+	ADP
ajfa-9064	250	19	𝛿7∆𝐷𝑖,𝑡	𝛿7∆𝐷𝑖,𝑡	NOUN
ajfa-9064	250	20	+	+	PUNCT
ajfa-9064	250	21	𝛿8𝐶𝑖,𝑡−1	𝛿8𝐶𝑖,𝑡−1	PUNCT
ajfa-9064	250	22	+	+	CCONJ
ajfa-9064	250	23	𝛿9𝐿𝑖,𝑡	𝛿9𝐿𝑖,𝑡	NOUN
ajfa-9064	250	24	+	+	CCONJ
ajfa-9064	250	25	𝛿10𝑁𝐹𝑖,𝑡	𝛿10𝑁𝐹𝑖,𝑡	X
ajfa-9064	250	26	+	+	SYM
ajfa-9064	250	27	𝛿11𝐶𝑖,𝑡−1	𝛿11𝐶𝑖,𝑡−1	NOUN
ajfa-9064	250	28	∗	∗	NOUN
ajfa-9064	250	29	∆𝐶𝑖,𝑡	∆𝐶𝑖,𝑡	NOUN
ajfa-9064	250	30	+	+	CCONJ
ajfa-9064	250	31	𝛿12𝐿𝑖,𝑡	𝛿12𝐿𝑖,𝑡	ADJ
ajfa-9064	250	32	∗	∗	NOUN
ajfa-9064	250	33	∆𝐶𝑖,𝑡	∆𝐶𝑖,𝑡	NOUN
ajfa-9064	250	34	+	+	PUNCT
ajfa-9064	250	35	𝛿13𝑃𝑂𝑆𝑇𝑖,𝑡	𝛿13𝑃𝑂𝑆𝑇𝑖,𝑡	NOUN
ajfa-9064	250	36	∗	∗	NOUN
ajfa-9064	250	37	∆𝐶𝑖,𝑡	∆𝐶𝑖,𝑡	NOUN
ajfa-9064	250	38	+	+	NOUN
ajfa-9064	250	39	𝜑𝑦𝑒𝑎𝑟𝑓𝑖𝑥𝑒𝑑𝑒𝑓𝑓𝑒𝑐𝑡𝑠	𝜑𝑦𝑒𝑎𝑟𝑓𝑖𝑥𝑒𝑑𝑒𝑓𝑓𝑒𝑐𝑡𝑠	ADJ
ajfa-9064	250	40	+	+	NUM
ajfa-9064	250	41	𝜑1𝑖𝑛𝑑𝑢𝑠𝑡𝑟𝑦𝑓𝑖𝑥𝑒𝑑𝑒𝑓𝑓𝑒𝑐𝑡𝑠	𝜑1𝑖𝑛𝑑𝑢𝑠𝑡𝑟𝑦𝑓𝑖𝑥𝑒𝑑𝑒𝑓𝑓𝑒𝑐𝑡𝑠	NOUN
ajfa-9064	250	42	+	+	NOUN
ajfa-9064	250	43	𝜇𝑖,𝑡(1	𝜇𝑖,𝑡(1	X
ajfa-9064	250	44	)	)	PUNCT
ajfa-9064	250	45	we	we	PRON
ajfa-9064	250	46	attempt	attempt	VERB
ajfa-9064	250	47	to	to	PART
ajfa-9064	250	48	capture	capture	VERB
ajfa-9064	250	49	differences	difference	NOUN
ajfa-9064	250	50	in	in	ADP
ajfa-9064	250	51	the	the	DET
ajfa-9064	250	52	value	value	NOUN
ajfa-9064	250	53	of	of	ADP
ajfa-9064	250	54	cash	cash	NOUN
ajfa-9064	250	55	holdings	holding	NOUN
ajfa-9064	250	56	before	before	ADP
ajfa-9064	250	57	and	and	CCONJ
ajfa-9064	250	58	after	after	ADP
ajfa-9064	250	59	establishment	establishment	NOUN
ajfa-9064	250	60	of	of	ADP
ajfa-9064	250	61	an	an	DET
ajfa-9064	250	62	audit	audit	NOUN
ajfa-9064	250	63	committee	committee	NOUN
ajfa-9064	250	64	.	.	PUNCT
ajfa-9064	251	1	however	however	ADV
ajfa-9064	251	2	,	,	PUNCT
ajfa-9064	251	3	the	the	DET
ajfa-9064	251	4	differences	difference	NOUN
ajfa-9064	251	5	may	may	AUX
ajfa-9064	251	6	be	be	AUX
ajfa-9064	251	7	a	a	DET
ajfa-9064	251	8	common	common	ADJ
ajfa-9064	251	9	tendency	tendency	NOUN
ajfa-9064	251	10	among	among	ADP
ajfa-9064	251	11	all	all	DET
ajfa-9064	251	12	the	the	DET
ajfa-9064	251	13	firms	firm	NOUN
ajfa-9064	251	14	over	over	ADP
ajfa-9064	251	15	time	time	NOUN
ajfa-9064	251	16	and	and	CCONJ
ajfa-9064	251	17	not	not	PART
ajfa-9064	251	18	contributed	contribute	VERB
ajfa-9064	251	19	by	by	ADP
ajfa-9064	251	20	the	the	DET
ajfa-9064	251	21	audit	audit	NOUN
ajfa-9064	251	22	committee	committee	NOUN
ajfa-9064	251	23	.	.	PUNCT
ajfa-9064	252	1	to	to	PART
ajfa-9064	252	2	control	control	VERB
ajfa-9064	252	3	the	the	DET
ajfa-9064	252	4	effect	effect	NOUN
ajfa-9064	252	5	of	of	ADP
ajfa-9064	252	6	temporal	temporal	ADJ
ajfa-9064	252	7	trends	trend	NOUN
ajfa-9064	252	8	,	,	PUNCT
ajfa-9064	252	9	we	we	PRON
ajfa-9064	252	10	use	use	VERB
ajfa-9064	252	11	the	the	DET
ajfa-9064	252	12	did	do	VERB
ajfa-9064	252	13	method	method	NOUN
ajfa-9064	252	14	,	,	PUNCT
ajfa-9064	252	15	which	which	PRON
ajfa-9064	252	16	is	be	AUX
ajfa-9064	252	17	extensively	extensively	ADV
ajfa-9064	252	18	used	use	VERB
ajfa-9064	252	19	in	in	ADP
ajfa-9064	252	20	various	various	ADJ
ajfa-9064	252	21	areas	area	NOUN
ajfa-9064	252	22	of	of	ADP
ajfa-9064	252	23	research	research	NOUN
ajfa-9064	252	24	to	to	PART
ajfa-9064	252	25	observe	observe	VERB
ajfa-9064	252	26	the	the	DET
ajfa-9064	252	27	effect	effect	NOUN
ajfa-9064	252	28	of	of	ADP
ajfa-9064	252	29	an	an	DET
ajfa-9064	252	30	event	event	NOUN
ajfa-9064	252	31	or	or	CCONJ
ajfa-9064	252	32	policy	policy	NOUN
ajfa-9064	252	33	.	.	PUNCT
ajfa-9064	253	1	to	to	PART
ajfa-9064	253	2	use	use	VERB
ajfa-9064	253	3	this	this	DET
ajfa-9064	253	4	method	method	NOUN
ajfa-9064	253	5	,	,	PUNCT
ajfa-9064	253	6	we	we	PRON
ajfa-9064	253	7	divide	divide	VERB
ajfa-9064	253	8	the	the	DET
ajfa-9064	253	9	sample	sample	NOUN
ajfa-9064	253	10	into	into	ADP
ajfa-9064	253	11	the	the	DET
ajfa-9064	253	12	treatment	treatment	NOUN
ajfa-9064	253	13	group	group	NOUN
ajfa-9064	253	14	and	and	CCONJ
ajfa-9064	253	15	the	the	DET
ajfa-9064	253	16	control	control	NOUN
ajfa-9064	253	17	group	group	NOUN
ajfa-9064	253	18	and	and	CCONJ
ajfa-9064	253	19	classify	classify	VERB
ajfa-9064	253	20	firm	firm	ADJ
ajfa-9064	253	21	data	datum	NOUN
ajfa-9064	253	22	by	by	ADP
ajfa-9064	253	23	the	the	DET
ajfa-9064	253	24	time	time	NOUN
ajfa-9064	253	25	of	of	ADP
ajfa-9064	253	26	establishment	establishment	NOUN
ajfa-9064	253	27	of	of	ADP
ajfa-9064	253	28	an	an	DET
ajfa-9064	253	29	audit	audit	NOUN
ajfa-9064	253	30	committee	committee	NOUN
ajfa-9064	253	31	into	into	ADP
ajfa-9064	253	32	pre	pre	ADJ
ajfa-9064	253	33	-	-	NOUN
ajfa-9064	253	34	establishment	establishment	ADJ
ajfa-9064	253	35	and	and	CCONJ
ajfa-9064	253	36	post	post	NOUN
ajfa-9064	253	37	-	-	NOUN
ajfa-9064	253	38	establishment	establishment	NOUN
ajfa-9064	253	39	.	.	PUNCT
ajfa-9064	254	1	hence	hence	ADV
ajfa-9064	254	2	,	,	PUNCT
ajfa-9064	254	3	the	the	DET
ajfa-9064	254	4	cross	cross	ADJ
ajfa-9064	254	5	-	-	ADJ
ajfa-9064	254	6	sectional	sectional	ADJ
ajfa-9064	254	7	differences	difference	NOUN
ajfa-9064	254	8	between	between	ADP
ajfa-9064	254	9	the	the	DET
ajfa-9064	254	10	two	two	NUM
ajfa-9064	254	11	groups	group	NOUN
ajfa-9064	254	12	and	and	CCONJ
ajfa-9064	254	13	differences	difference	NOUN
ajfa-9064	254	14	between	between	ADP
ajfa-9064	254	15	pre	pre	ADJ
ajfa-9064	254	16	-	-	NOUN
ajfa-9064	254	17	establishment	establishment	ADJ
ajfa-9064	254	18	and	and	CCONJ
ajfa-9064	254	19	post	post	ADJ
ajfa-9064	254	20	-	-	ADJ
ajfa-9064	254	21	establishment	establishment	NOUN
ajfa-9064	254	22	can	can	AUX
ajfa-9064	254	23	be	be	AUX
ajfa-9064	254	24	compared	compare	VERB
ajfa-9064	254	25	.	.	PUNCT
ajfa-9064	255	1	as	as	SCONJ
ajfa-9064	255	2	the	the	DET
ajfa-9064	255	3	effects	effect	NOUN
ajfa-9064	255	4	of	of	ADP
ajfa-9064	255	5	permanent	permanent	ADJ
ajfa-9064	255	6	,	,	PUNCT
ajfa-9064	255	7	unobservable	unobservable	ADJ
ajfa-9064	255	8	differences	difference	NOUN
ajfa-9064	255	9	and	and	CCONJ
ajfa-9064	255	10	temporal	temporal	ADJ
ajfa-9064	255	11	trends	trend	NOUN
ajfa-9064	255	12	can	can	AUX
ajfa-9064	255	13	be	be	AUX
ajfa-9064	255	14	simultaneously	simultaneously	ADV
ajfa-9064	255	15	controlled	control	VERB
ajfa-9064	255	16	for	for	ADP
ajfa-9064	255	17	,	,	PUNCT
ajfa-9064	255	18	the	the	DET
ajfa-9064	255	19	effect	effect	NOUN
ajfa-9064	255	20	of	of	ADP
ajfa-9064	255	21	a	a	DET
ajfa-9064	255	22	particular	particular	ADJ
ajfa-9064	255	23	event	event	NOUN
ajfa-9064	255	24	can	can	AUX
ajfa-9064	255	25	be	be	AUX
ajfa-9064	255	26	captured	capture	VERB
ajfa-9064	255	27	.	.	PUNCT
ajfa-9064	256	1	in	in	ADP
ajfa-9064	256	2	this	this	DET
ajfa-9064	256	3	study	study	NOUN
ajfa-9064	256	4	,	,	PUNCT
ajfa-9064	256	5	firms	firm	NOUN
ajfa-9064	256	6	with	with	ADP
ajfa-9064	256	7	an	an	DET
ajfa-9064	256	8	audit	audit	NOUN
ajfa-9064	256	9	committee	committee	NOUN
ajfa-9064	256	10	are	be	AUX
ajfa-9064	256	11	classified	classify	VERB
ajfa-9064	256	12	into	into	ADP
ajfa-9064	256	13	the	the	DET
ajfa-9064	256	14	treatment	treatment	NOUN
ajfa-9064	256	15	group	group	NOUN
ajfa-9064	256	16	,	,	PUNCT
ajfa-9064	256	17	and	and	CCONJ
ajfa-9064	256	18	firms	firm	NOUN
ajfa-9064	256	19	without	without	ADP
ajfa-9064	256	20	are	be	AUX
ajfa-9064	256	21	classified	classify	VERB
ajfa-9064	256	22	into	into	ADP
ajfa-9064	256	23	the	the	DET
ajfa-9064	256	24	control	control	NOUN
ajfa-9064	256	25	group	group	NOUN
ajfa-9064	256	26	.	.	PUNCT
ajfa-9064	257	1	we	we	PRON
ajfa-9064	257	2	apply	apply	VERB
ajfa-9064	257	3	the	the	DET
ajfa-9064	257	4	did	did	ADJ
ajfa-9064	257	5	method	method	NOUN
ajfa-9064	257	6	to	to	PART
ajfa-9064	257	7	test	test	VERB
ajfa-9064	257	8	if	if	SCONJ
ajfa-9064	257	9	the	the	DET
ajfa-9064	257	10	marginal	marginal	ADJ
ajfa-9064	257	11	value	value	NOUN
ajfa-9064	257	12	of	of	ADP
ajfa-9064	257	13	cash	cash	NOUN
ajfa-9064	257	14	holdings	holding	NOUN
ajfa-9064	257	15	significantly	significantly	ADV
ajfa-9064	257	16	improves	improve	VERB
ajfa-9064	257	17	due	due	ADJ
ajfa-9064	257	18	to	to	ADP
ajfa-9064	257	19	establishment	establishment	NOUN
ajfa-9064	257	20	of	of	ADP
ajfa-9064	257	21	an	an	DET
ajfa-9064	257	22	audit	audit	NOUN
ajfa-9064	257	23	committee	committee	NOUN
ajfa-9064	257	24	.	.	PUNCT
ajfa-9064	258	1	in	in	ADP
ajfa-9064	258	2	the	the	DET
ajfa-9064	258	3	test	test	NOUN
ajfa-9064	258	4	,	,	PUNCT
ajfa-9064	258	5	𝐴𝐶𝑖,𝑡is	𝐴𝐶𝑖,𝑡is	PROPN
ajfa-9064	258	6	used	use	VERB
ajfa-9064	258	7	to	to	PART
ajfa-9064	258	8	differentiate	differentiate	VERB
ajfa-9064	258	9	the	the	DET
ajfa-9064	258	10	treatment	treatment	NOUN
ajfa-9064	258	11	group	group	NOUN
ajfa-9064	258	12	and	and	CCONJ
ajfa-9064	258	13	the	the	DET
ajfa-9064	258	14	control	control	NOUN
ajfa-9064	258	15	group	group	NOUN
ajfa-9064	258	16	.	.	PUNCT
ajfa-9064	259	1	using	use	VERB
ajfa-9064	259	2	equation	equation	NOUN
ajfa-9064	259	3	(	(	PUNCT
ajfa-9064	259	4	1	1	NUM
ajfa-9064	259	5	)	)	PUNCT
ajfa-9064	259	6	as	as	ADP
ajfa-9064	259	7	a	a	DET
ajfa-9064	259	8	basic	basic	ADJ
ajfa-9064	259	9	model	model	NOUN
ajfa-9064	259	10	,	,	PUNCT
ajfa-9064	259	11	we	we	PRON
ajfa-9064	259	12	further	far	ADV
ajfa-9064	259	13	consider	consider	VERB
ajfa-9064	259	14	ac	ac	PROPN
ajfa-9064	259	15	,	,	PUNCT
ajfa-9064	259	16	the	the	DET
ajfa-9064	259	17	product	product	NOUN
ajfa-9064	259	18	term	term	NOUN
ajfa-9064	259	19	of	of	ADP
ajfa-9064	259	20	ac	ac	PROPN
ajfa-9064	259	21	and	and	CCONJ
ajfa-9064	259	22	change	change	VERB
ajfa-9064	259	23	in	in	ADP
ajfa-9064	259	24	cash	cash	NOUN
ajfa-9064	259	25	,	,	PUNCT
ajfa-9064	259	26	the	the	DET
ajfa-9064	259	27	product	product	NOUN
ajfa-9064	259	28	term	term	NOUN
ajfa-9064	259	29	of	of	ADP
ajfa-9064	259	30	ac	ac	PROPN
ajfa-9064	259	31	and	and	CCONJ
ajfa-9064	259	32	post	post	NOUN
ajfa-9064	259	33	,	,	PUNCT
ajfa-9064	259	34	and	and	CCONJ
ajfa-9064	259	35	the	the	DET
ajfa-9064	259	36	product	product	NOUN
ajfa-9064	259	37	term	term	NOUN
ajfa-9064	259	38	of	of	ADP
ajfa-9064	259	39	ac	ac	PROPN
ajfa-9064	259	40	,	,	PUNCT
ajfa-9064	259	41	post	post	ADJ
ajfa-9064	259	42	,	,	PUNCT
ajfa-9064	259	43	and	and	CCONJ
ajfa-9064	259	44	change	change	VERB
ajfa-9064	259	45	in	in	ADP
ajfa-9064	259	46	cash	cash	NOUN
ajfa-9064	259	47	to	to	PART
ajfa-9064	259	48	create	create	VERB
ajfa-9064	259	49	equation	equation	NOUN
ajfa-9064	259	50	(	(	PUNCT
ajfa-9064	259	51	2	2	NUM
ajfa-9064	259	52	)	)	PUNCT
ajfa-9064	259	53	where	where	SCONJ
ajfa-9064	259	54	𝛿14is	𝛿14is	NOUN
ajfa-9064	259	55	the	the	DET
ajfa-9064	259	56	difference	difference	NOUN
ajfa-9064	259	57	in	in	ADP
ajfa-9064	259	58	the	the	DET
ajfa-9064	259	59	value	value	NOUN
ajfa-9064	259	60	of	of	ADP
ajfa-9064	259	61	cash	cash	NOUN
ajfa-9064	259	62	holdings	holding	NOUN
ajfa-9064	259	63	in	in	ADP
ajfa-9064	259	64	firms	firm	NOUN
ajfa-9064	259	65	without	without	ADP
ajfa-9064	259	66	an	an	DET
ajfa-9064	259	67	audit	audit	NOUN
ajfa-9064	259	68	committee	committee	NOUN
ajfa-9064	259	69	before	before	ADP
ajfa-9064	259	70	and	and	CCONJ
ajfa-9064	259	71	after	after	ADP
ajfa-9064	259	72	their	their	PRON
ajfa-9064	259	73	paired	pair	VERB
ajfa-9064	259	74	firms	firm	NOUN
ajfa-9064	259	75	set	set	VERB
ajfa-9064	259	76	up	up	ADP
ajfa-9064	259	77	an	an	DET
ajfa-9064	259	78	audit	audit	NOUN
ajfa-9064	259	79	committee	committee	NOUN
ajfa-9064	259	80	;	;	PUNCT
ajfa-9064	259	81	𝛿16is	𝛿16is	ADJ
ajfa-9064	259	82	the	the	DET
ajfa-9064	259	83	difference	difference	NOUN
ajfa-9064	259	84	in	in	ADP
ajfa-9064	259	85	value	value	NOUN
ajfa-9064	259	86	of	of	ADP
ajfa-9064	259	87	cash	cash	NOUN
ajfa-9064	259	88	holdings	holding	NOUN
ajfa-9064	259	89	in	in	ADP
ajfa-9064	259	90	firms	firm	NOUN
ajfa-9064	259	91	with	with	ADP
ajfa-9064	259	92	an	an	DET
ajfa-9064	259	93	audit	audit	NOUN
ajfa-9064	259	94	committee	committee	NOUN
ajfa-9064	259	95	compared	compare	VERB
ajfa-9064	259	96	to	to	ADP
ajfa-9064	259	97	firms	firm	NOUN
ajfa-9064	259	98	without	without	ADP
ajfa-9064	259	99	an	an	DET
ajfa-9064	259	100	audit	audit	NOUN
ajfa-9064	259	101	committee	committee	NOUN
ajfa-9064	259	102	during	during	ADP
ajfa-9064	259	103	the	the	DET
ajfa-9064	259	104	pre	pre	ADJ
ajfa-9064	259	105	-	-	ADJ
ajfa-9064	259	106	establishment	establishment	ADJ
ajfa-9064	259	107	period	period	NOUN
ajfa-9064	259	108	;	;	PUNCT
ajfa-9064	259	109	𝛿17is	𝛿17i	VERB
ajfa-9064	259	110	the	the	DET
ajfa-9064	259	111	difference	difference	NOUN
ajfa-9064	259	112	in	in	ADP
ajfa-9064	259	113	value	value	NOUN
ajfa-9064	259	114	of	of	ADP
ajfa-9064	259	115	cash	cash	NOUN
ajfa-9064	259	116	holdings	holding	NOUN
ajfa-9064	259	117	after	after	ADP
ajfa-9064	259	118	establishment	establishment	NOUN
ajfa-9064	259	119	of	of	ADP
ajfa-9064	259	120	an	an	DET
ajfa-9064	259	121	audit	audit	NOUN
ajfa-9064	259	122	committee	committee	NOUN
ajfa-9064	259	123	among	among	ADP
ajfa-9064	259	124	firms	firm	NOUN
ajfa-9064	259	125	with	with	ADP
ajfa-9064	259	126	an	an	DET
ajfa-9064	259	127	audit	audit	NOUN
ajfa-9064	259	128	committee	committee	NOUN
ajfa-9064	259	129	minus	minus	CCONJ
ajfa-9064	259	130	the	the	DET
ajfa-9064	259	131	difference	difference	NOUN
ajfa-9064	259	132	in	in	ADP
ajfa-9064	259	133	the	the	DET
ajfa-9064	259	134	value	value	NOUN
ajfa-9064	259	135	of	of	ADP
ajfa-9064	259	136	cash	cash	NOUN
ajfa-9064	259	137	holdings	holding	NOUN
ajfa-9064	259	138	after	after	ADP
ajfa-9064	259	139	establishment	establishment	NOUN
ajfa-9064	259	140	of	of	ADP
ajfa-9064	259	141	an	an	DET
ajfa-9064	259	142	audit	audit	NOUN
ajfa-9064	259	143	committee	committee	NOUN
ajfa-9064	259	144	among	among	ADP
ajfa-9064	259	145	firms	firm	NOUN
ajfa-9064	259	146	without	without	ADP
ajfa-9064	259	147	an	an	DET
ajfa-9064	259	148	audit	audit	NOUN
ajfa-9064	259	149	committee	committee	NOUN
ajfa-9064	259	150	.	.	PUNCT
ajfa-9064	260	1	𝛿17is	𝛿17i	VERB
ajfa-9064	260	2	a	a	DET
ajfa-9064	260	3	variable	variable	NOUN
ajfa-9064	260	4	of	of	ADP
ajfa-9064	260	5	our	our	PRON
ajfa-9064	260	6	primary	primary	ADJ
ajfa-9064	260	7	interest	interest	NOUN
ajfa-9064	260	8	.	.	PUNCT
ajfa-9064	261	1	if	if	SCONJ
ajfa-9064	261	2	it	it	PRON
ajfa-9064	261	3	is	be	AUX
ajfa-9064	261	4	significantly	significantly	ADV
ajfa-9064	261	5	positive	positive	ADJ
ajfa-9064	261	6	,	,	PUNCT
ajfa-9064	261	7	we	we	PRON
ajfa-9064	261	8	can	can	AUX
ajfa-9064	261	9	infer	infer	VERB
ajfa-9064	261	10	that	that	SCONJ
ajfa-9064	261	11	setting	set	VERB
ajfa-9064	261	12	up	up	ADP
ajfa-9064	261	13	an	an	DET
ajfa-9064	261	14	audit	audit	NOUN
ajfa-9064	261	15	committee	committee	NOUN
ajfa-9064	261	16	can	can	AUX
ajfa-9064	261	17	lead	lead	VERB
ajfa-9064	261	18	to	to	ADP
ajfa-9064	261	19	a	a	DET
ajfa-9064	261	20	higher	high	ADJ
ajfa-9064	261	21	value	value	NOUN
ajfa-9064	261	22	of	of	ADP
ajfa-9064	261	23	cash	cash	NOUN
ajfa-9064	261	24	holdings	holding	NOUN
ajfa-9064	261	25	after	after	SCONJ
ajfa-9064	261	26	the	the	DET
ajfa-9064	261	27	effects	effect	NOUN
ajfa-9064	261	28	of	of	ADP
ajfa-9064	261	29	permanent	permanent	ADJ
ajfa-9064	261	30	,	,	PUNCT
ajfa-9064	261	31	unobservable	unobservable	ADJ
ajfa-9064	261	32	differences	difference	NOUN
ajfa-9064	261	33	and	and	CCONJ
ajfa-9064	261	34	common	common	ADJ
ajfa-9064	261	35	temporal	temporal	ADJ
ajfa-9064	261	36	trends	trend	NOUN
ajfa-9064	261	37	are	be	AUX
ajfa-9064	261	38	controlled	control	VERB
ajfa-9064	261	39	for	for	ADP
ajfa-9064	261	40	.	.	PUNCT
ajfa-9064	261	41	𝑟𝑖,𝑡	𝑟𝑖,𝑡	PUNCT
ajfa-9064	262	1	−	−	PUNCT
ajfa-9064	262	2	𝑅𝑖,𝑡	𝑅𝑖,𝑡	VERB
ajfa-9064	262	3	𝐵	𝐵	NOUN
ajfa-9064	262	4	=	=	SYM
ajfa-9064	262	5	𝛿0	𝛿0	NOUN
ajfa-9064	262	6	+	+	CCONJ
ajfa-9064	262	7	𝛿1∆𝐶𝑖,𝑡	𝛿1∆𝐶𝑖,𝑡	ADJ
ajfa-9064	262	8	+	+	CCONJ
ajfa-9064	262	9	𝛿2𝐴𝐶𝑖,𝑡	𝛿2𝐴𝐶𝑖,𝑡	ADJ
ajfa-9064	262	10	+	+	CCONJ
ajfa-9064	262	11	𝛿3𝑃𝑂𝑆𝑇𝑖,𝑡	𝛿3𝑃𝑂𝑆𝑇𝑖,𝑡	NOUN
ajfa-9064	262	12	+	+	CCONJ
ajfa-9064	262	13	𝛿4∆𝐸𝑖,𝑡	𝛿4∆𝐸𝑖,𝑡	NOUN
ajfa-9064	262	14	+	+	CCONJ
ajfa-9064	262	15	𝛿5∆𝑁𝐴𝑖,𝑡	𝛿5∆𝑁𝐴𝑖,𝑡	NOUN
ajfa-9064	262	16	+	+	CCONJ
ajfa-9064	262	17	𝛿6∆𝑅𝐷𝑖,𝑡	𝛿6∆𝑅𝐷𝑖,𝑡	NOUN
ajfa-9064	262	18	+	+	CCONJ
ajfa-9064	262	19	𝛿7∆𝐼𝑖,𝑡	𝛿7∆𝐼𝑖,𝑡	NOUN
ajfa-9064	262	20	+	+	CCONJ
ajfa-9064	262	21	𝛿8∆𝐷𝑖,𝑡	𝛿8∆𝐷𝑖,𝑡	ADJ
ajfa-9064	262	22	+	+	CCONJ
ajfa-9064	262	23	𝛿9𝐶𝑖,𝑡−1	𝛿9𝐶𝑖,𝑡−1	PUNCT
ajfa-9064	262	24	+	+	CCONJ
ajfa-9064	262	25	𝛿10𝐿𝑖,𝑡	𝛿10𝐿𝑖,𝑡	ADJ
ajfa-9064	262	26	+	+	CCONJ
ajfa-9064	262	27	𝛿11𝑁𝐹𝑖,𝑡	𝛿11𝑁𝐹𝑖,𝑡	ADJ
ajfa-9064	262	28	+	+	NUM
ajfa-9064	262	29	𝛿12𝐶𝑖,𝑡−1	𝛿12𝐶𝑖,𝑡−1	NOUN
ajfa-9064	262	30	∗	∗	NOUN
ajfa-9064	262	31	∆𝐶𝑖,𝑡	∆𝐶𝑖,𝑡	NOUN
ajfa-9064	262	32	+	+	PUNCT
ajfa-9064	262	33	𝛿13𝐿𝑖,𝑡	𝛿13𝐿𝑖,𝑡	ADJ
ajfa-9064	262	34	∗	∗	NOUN
ajfa-9064	262	35	∆𝐶𝑖,𝑡	∆𝐶𝑖,𝑡	NOUN
ajfa-9064	262	36	+	+	CCONJ
ajfa-9064	262	37	𝛿14𝑃𝑂𝑆𝑇𝑖,𝑡	𝛿14𝑃𝑂𝑆𝑇𝑖,𝑡	NOUN
ajfa-9064	262	38	∗	∗	NOUN
ajfa-9064	262	39	∆𝐶𝑖,𝑡	∆𝐶𝑖,𝑡	NOUN
ajfa-9064	262	40	+	+	CCONJ
ajfa-9064	262	41	𝛿15𝑃𝑂𝑆𝑇𝑖,𝑡	𝛿15𝑃𝑂𝑆𝑇𝑖,𝑡	PROPN
ajfa-9064	262	42	∗	∗	NOUN
ajfa-9064	262	43	𝐴𝐶𝑖,𝑡	𝐴𝐶𝑖,𝑡	VERB
ajfa-9064	262	44	+	+	NOUN
ajfa-9064	262	45	𝛿16∆𝐶𝑖,𝑡	𝛿16∆𝐶𝑖,𝑡	NOUN
ajfa-9064	262	46	∗	∗	NOUN
ajfa-9064	262	47	𝐴𝐶𝑖,𝑡	𝐴𝐶𝑖,𝑡	ADJ
ajfa-9064	262	48	+	+	CCONJ
ajfa-9064	262	49	𝛿17𝑃𝑂𝑆𝑇𝑖,𝑡	𝛿17𝑃𝑂𝑆𝑇𝑖,𝑡	ADJ
ajfa-9064	262	50	∗	∗	NOUN
ajfa-9064	262	51	∆𝐶𝑖,𝑡	∆𝐶𝑖,𝑡	NOUN
ajfa-9064	262	52	∗	∗	NOUN
ajfa-9064	262	53	𝐴𝐶𝑖,𝑡	𝐴𝐶𝑖,𝑡	VERB
ajfa-9064	262	54	+	+	CCONJ
ajfa-9064	262	55	𝜑𝑦𝑒𝑎𝑟𝑓𝑖𝑥𝑒𝑑𝑒𝑓𝑓𝑒𝑐𝑡𝑠	𝜑𝑦𝑒𝑎𝑟𝑓𝑖𝑥𝑒𝑑𝑒𝑓𝑓𝑒𝑐𝑡𝑠	NOUN
ajfa-9064	262	56	+	+	NUM
ajfa-9064	262	57	𝜑1𝑦𝑒𝑎𝑟𝑖𝑛𝑑𝑢𝑠𝑡𝑟𝑦𝑒𝑓𝑓𝑒𝑐𝑡𝑠	𝜑1𝑦𝑒𝑎𝑟𝑖𝑛𝑑𝑢𝑠𝑡𝑟𝑦𝑒𝑓𝑓𝑒𝑐𝑡𝑠	NOUN
ajfa-9064	262	58	+	+	CCONJ
ajfa-9064	262	59	𝜇𝑖,𝑡(2	𝜇𝑖,𝑡(2	ADJ
ajfa-9064	262	60	)	)	PUNCT
ajfa-9064	262	61	asian	asian	ADJ
ajfa-9064	262	62	journal	journal	NOUN
ajfa-9064	262	63	of	of	ADP
ajfa-9064	262	64	finance	finance	PROPN
ajfa-9064	262	65	&	&	CCONJ
ajfa-9064	262	66	accounting	accounting	PROPN
ajfa-9064	262	67	issn	issn	PROPN
ajfa-9064	262	68	1946	1946	NUM
ajfa-9064	262	69	-	-	PUNCT
ajfa-9064	262	70	052x	052x	PROPN
ajfa-9064	262	71	2016	2016	NUM
ajfa-9064	262	72	,	,	PUNCT
ajfa-9064	262	73	vol	vol	NOUN
ajfa-9064	262	74	.	.	PROPN
ajfa-9064	262	75	8	8	NUM
ajfa-9064	262	76	,	,	PUNCT
ajfa-9064	262	77	no	no	INTJ
ajfa-9064	262	78	.	.	NOUN
ajfa-9064	262	79	1	1	NUM
ajfa-9064	262	80	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9064	262	81	113	113	NUM
ajfa-9064	262	82	4	4	NUM
ajfa-9064	262	83	.	.	PUNCT
ajfa-9064	262	84	empirical	empirical	ADJ
ajfa-9064	262	85	results	result	NOUN
ajfa-9064	262	86	4.1	4.1	NUM
ajfa-9064	262	87	descriptive	descriptive	ADJ
ajfa-9064	262	88	statistics	statistic	NOUN
ajfa-9064	262	89	the	the	DET
ajfa-9064	262	90	descriptive	descriptive	ADJ
ajfa-9064	262	91	statistics	statistic	NOUN
ajfa-9064	262	92	of	of	ADP
ajfa-9064	262	93	the	the	DET
ajfa-9064	262	94	sample	sample	NOUN
ajfa-9064	262	95	are	be	AUX
ajfa-9064	262	96	provided	provide	VERB
ajfa-9064	262	97	in	in	ADP
ajfa-9064	262	98	table	table	NOUN
ajfa-9064	262	99	3	3	NUM
ajfa-9064	262	100	.	.	PUNCT
ajfa-9064	263	1	the	the	DET
ajfa-9064	263	2	sample	sample	NOUN
ajfa-9064	263	3	firms	firm	NOUN
ajfa-9064	263	4	over	over	ADP
ajfa-9064	263	5	2007~2010	2007~2010	NUM
ajfa-9064	263	6	are	be	AUX
ajfa-9064	263	7	divided	divide	VERB
ajfa-9064	263	8	into	into	ADP
ajfa-9064	263	9	firms	firm	NOUN
ajfa-9064	263	10	with	with	ADP
ajfa-9064	263	11	an	an	DET
ajfa-9064	263	12	audit	audit	NOUN
ajfa-9064	263	13	committee	committee	NOUN
ajfa-9064	263	14	(	(	PUNCT
ajfa-9064	263	15	panel	panel	NOUN
ajfa-9064	263	16	a	a	NOUN
ajfa-9064	263	17	)	)	PUNCT
ajfa-9064	263	18	and	and	CCONJ
ajfa-9064	263	19	firms	firm	NOUN
ajfa-9064	263	20	without	without	ADP
ajfa-9064	263	21	(	(	PUNCT
ajfa-9064	263	22	panel	panel	NOUN
ajfa-9064	263	23	b	b	NOUN
ajfa-9064	263	24	)	)	PUNCT
ajfa-9064	263	25	.	.	PUNCT
ajfa-9064	264	1	in	in	ADP
ajfa-9064	264	2	each	each	DET
ajfa-9064	264	3	panel	panel	NOUN
ajfa-9064	264	4	,	,	PUNCT
ajfa-9064	264	5	we	we	PRON
ajfa-9064	264	6	further	far	ADV
ajfa-9064	264	7	analyze	analyze	VERB
ajfa-9064	264	8	the	the	DET
ajfa-9064	264	9	statistics	statistic	NOUN
ajfa-9064	264	10	for	for	ADP
ajfa-9064	264	11	data	datum	NOUN
ajfa-9064	264	12	before	before	ADV
ajfa-9064	264	13	and	and	CCONJ
ajfa-9064	264	14	after	after	ADP
ajfa-9064	264	15	establishment	establishment	NOUN
ajfa-9064	264	16	of	of	ADP
ajfa-9064	264	17	an	an	DET
ajfa-9064	264	18	audit	audit	NOUN
ajfa-9064	264	19	committee	committee	NOUN
ajfa-9064	264	20	.	.	PUNCT
ajfa-9064	265	1	the	the	DET
ajfa-9064	265	2	mean	mean	ADJ
ajfa-9064	265	3	,	,	PUNCT
ajfa-9064	265	4	standard	standard	ADJ
ajfa-9064	265	5	deviation	deviation	NOUN
ajfa-9064	265	6	,	,	PUNCT
ajfa-9064	265	7	max	max	PROPN
ajfa-9064	265	8	,	,	PUNCT
ajfa-9064	265	9	and	and	CCONJ
ajfa-9064	265	10	min	min	PROPN
ajfa-9064	265	11	statistics	statistic	NOUN
ajfa-9064	265	12	in	in	ADP
ajfa-9064	265	13	table	table	NOUN
ajfa-9064	265	14	3	3	NUM
ajfa-9064	265	15	provide	provide	VERB
ajfa-9064	265	16	a	a	DET
ajfa-9064	265	17	general	general	ADJ
ajfa-9064	265	18	description	description	NOUN
ajfa-9064	265	19	of	of	ADP
ajfa-9064	265	20	the	the	DET
ajfa-9064	265	21	sample	sample	NOUN
ajfa-9064	265	22	.	.	PUNCT
ajfa-9064	266	1	the	the	DET
ajfa-9064	266	2	panel	panel	NOUN
ajfa-9064	266	3	a	a	PRON
ajfa-9064	266	4	of	of	ADP
ajfa-9064	266	5	table	table	NOUN
ajfa-9064	266	6	3	3	NUM
ajfa-9064	266	7	shows	show	VERB
ajfa-9064	266	8	the	the	DET
ajfa-9064	266	9	descriptive	descriptive	ADJ
ajfa-9064	266	10	data	datum	NOUN
ajfa-9064	266	11	of	of	ADP
ajfa-9064	266	12	firms	firm	NOUN
ajfa-9064	266	13	with	with	ADP
ajfa-9064	266	14	an	an	DET
ajfa-9064	266	15	audit	audit	NOUN
ajfa-9064	266	16	committee	committee	NOUN
ajfa-9064	266	17	.	.	PUNCT
ajfa-9064	267	1	after	after	ADP
ajfa-9064	267	2	establishment	establishment	NOUN
ajfa-9064	267	3	of	of	ADP
ajfa-9064	267	4	the	the	DET
ajfa-9064	267	5	audit	audit	NOUN
ajfa-9064	267	6	committee	committee	NOUN
ajfa-9064	267	7	,	,	PUNCT
ajfa-9064	267	8	the	the	DET
ajfa-9064	267	9	standard	standard	ADJ
ajfa-9064	267	10	deviation	deviation	NOUN
ajfa-9064	267	11	of	of	ADP
ajfa-9064	267	12	abnormal	abnormal	ADJ
ajfa-9064	267	13	return	return	NOUN
ajfa-9064	267	14	(	(	PUNCT
ajfa-9064	267	15	𝑟𝑖,𝑡	𝑟𝑖,𝑡	VERB
ajfa-9064	267	16	−	−	ADP
ajfa-9064	267	17	𝑅𝑖,𝑡	𝑅𝑖,𝑡	PROPN
ajfa-9064	267	18	𝐵	𝐵	NOUN
ajfa-9064	267	19	)	)	PUNCT
ajfa-9064	267	20	declines	decline	VERB
ajfa-9064	267	21	from	from	ADP
ajfa-9064	267	22	0.89	0.89	NUM
ajfa-9064	267	23	to	to	ADP
ajfa-9064	267	24	0.79	0.79	NUM
ajfa-9064	267	25	,	,	PUNCT
ajfa-9064	267	26	suggesting	suggest	VERB
ajfa-9064	267	27	a	a	DET
ajfa-9064	267	28	decrease	decrease	NOUN
ajfa-9064	267	29	in	in	ADP
ajfa-9064	267	30	variations	variation	NOUN
ajfa-9064	267	31	.	.	PUNCT
ajfa-9064	268	1	panel	panel	NOUN
ajfa-9064	268	2	b	b	PROPN
ajfa-9064	268	3	shows	show	VERB
ajfa-9064	268	4	the	the	DET
ajfa-9064	268	5	descriptive	descriptive	ADJ
ajfa-9064	268	6	data	datum	NOUN
ajfa-9064	268	7	of	of	ADP
ajfa-9064	268	8	paired	pair	VERB
ajfa-9064	268	9	firms	firm	NOUN
ajfa-9064	268	10	(	(	PUNCT
ajfa-9064	268	11	without	without	ADP
ajfa-9064	268	12	an	an	DET
ajfa-9064	268	13	audit	audit	NOUN
ajfa-9064	268	14	committee	committee	NOUN
ajfa-9064	268	15	)	)	PUNCT
ajfa-9064	268	16	.	.	PUNCT
ajfa-9064	269	1	their	their	PRON
ajfa-9064	269	2	data	datum	NOUN
ajfa-9064	269	3	are	be	AUX
ajfa-9064	269	4	divided	divide	VERB
ajfa-9064	269	5	by	by	ADP
ajfa-9064	269	6	the	the	DET
ajfa-9064	269	7	treatment	treatment	NOUN
ajfa-9064	269	8	group	group	NOUN
ajfa-9064	269	9	’s	’s	PART
ajfa-9064	269	10	(	(	PUNCT
ajfa-9064	269	11	i.e.	i.e.	X
ajfa-9064	269	12	firms	firm	NOUN
ajfa-9064	269	13	with	with	ADP
ajfa-9064	269	14	an	an	DET
ajfa-9064	269	15	audit	audit	NOUN
ajfa-9064	269	16	committee	committee	NOUN
ajfa-9064	269	17	)	)	PUNCT
ajfa-9064	269	18	time	time	NOUN
ajfa-9064	269	19	of	of	ADP
ajfa-9064	269	20	establishing	establish	VERB
ajfa-9064	269	21	an	an	DET
ajfa-9064	269	22	audit	audit	NOUN
ajfa-9064	269	23	committee	committee	NOUN
ajfa-9064	269	24	into	into	ADP
ajfa-9064	269	25	two	two	NUM
ajfa-9064	269	26	periods	period	NOUN
ajfa-9064	269	27	for	for	ADP
ajfa-9064	269	28	comparison	comparison	NOUN
ajfa-9064	269	29	.	.	PUNCT
ajfa-9064	270	1	the	the	DET
ajfa-9064	270	2	comparison	comparison	NOUN
ajfa-9064	270	3	of	of	ADP
ajfa-9064	270	4	means	mean	NOUN
ajfa-9064	270	5	shows	show	VERB
ajfa-9064	270	6	that	that	SCONJ
ajfa-9064	270	7	before	before	ADP
ajfa-9064	270	8	establishment	establishment	NOUN
ajfa-9064	270	9	of	of	ADP
ajfa-9064	270	10	an	an	DET
ajfa-9064	270	11	audit	audit	NOUN
ajfa-9064	270	12	committee	committee	NOUN
ajfa-9064	270	13	,	,	PUNCT
ajfa-9064	270	14	except	except	SCONJ
ajfa-9064	270	15	for	for	ADP
ajfa-9064	270	16	the	the	DET
ajfa-9064	270	17	change	change	NOUN
ajfa-9064	270	18	in	in	ADP
ajfa-9064	270	19	research	research	NOUN
ajfa-9064	270	20	and	and	CCONJ
ajfa-9064	270	21	development	development	NOUN
ajfa-9064	270	22	expense	expense	NOUN
ajfa-9064	270	23	(	(	PUNCT
ajfa-9064	270	24	∆rdt)which	∆rdt)which	NOUN
ajfa-9064	270	25	reaches	reach	VERB
ajfa-9064	270	26	0.17	0.17	NUM
ajfa-9064	270	27	,	,	PUNCT
ajfa-9064	270	28	the	the	DET
ajfa-9064	270	29	mean	mean	ADJ
ajfa-9064	270	30	differences	difference	NOUN
ajfa-9064	270	31	before	before	ADP
ajfa-9064	270	32	and	and	CCONJ
ajfa-9064	270	33	after	after	ADP
ajfa-9064	270	34	establishment	establishment	NOUN
ajfa-9064	270	35	of	of	ADP
ajfa-9064	270	36	an	an	DET
ajfa-9064	270	37	audit	audit	NOUN
ajfa-9064	270	38	committee	committee	NOUN
ajfa-9064	270	39	are	be	AUX
ajfa-9064	270	40	smaller	small	ADJ
ajfa-9064	270	41	than	than	ADP
ajfa-9064	270	42	0.1	0.1	NUM
ajfa-9064	270	43	across	across	ADP
ajfa-9064	270	44	all	all	DET
ajfa-9064	270	45	the	the	DET
ajfa-9064	270	46	variables	variable	NOUN
ajfa-9064	270	47	.	.	PUNCT
ajfa-9064	271	1	besides	besides	SCONJ
ajfa-9064	271	2	,	,	PUNCT
ajfa-9064	271	3	after	after	ADP
ajfa-9064	271	4	establishment	establishment	NOUN
ajfa-9064	271	5	of	of	ADP
ajfa-9064	271	6	an	an	DET
ajfa-9064	271	7	audit	audit	NOUN
ajfa-9064	271	8	committee	committee	NOUN
ajfa-9064	271	9	,	,	PUNCT
ajfa-9064	271	10	the	the	DET
ajfa-9064	271	11	mean	mean	ADJ
ajfa-9064	271	12	differences	difference	NOUN
ajfa-9064	271	13	between	between	ADP
ajfa-9064	271	14	the	the	DET
ajfa-9064	271	15	treatment	treatment	NOUN
ajfa-9064	271	16	group	group	NOUN
ajfa-9064	271	17	and	and	CCONJ
ajfa-9064	271	18	the	the	DET
ajfa-9064	271	19	control	control	NOUN
ajfa-9064	271	20	group	group	NOUN
ajfa-9064	271	21	are	be	AUX
ajfa-9064	271	22	smaller	small	ADJ
ajfa-9064	271	23	than	than	ADP
ajfa-9064	271	24	0.07	0.07	NUM
ajfa-9064	271	25	across	across	ADP
ajfa-9064	271	26	all	all	DET
ajfa-9064	271	27	the	the	DET
ajfa-9064	271	28	variables	variable	NOUN
ajfa-9064	271	29	,	,	PUNCT
ajfa-9064	271	30	suggesting	suggest	VERB
ajfa-9064	271	31	high	high	ADJ
ajfa-9064	271	32	similarities	similarity	NOUN
ajfa-9064	271	33	between	between	ADP
ajfa-9064	271	34	firms	firm	NOUN
ajfa-9064	271	35	with	with	ADP
ajfa-9064	271	36	an	an	DET
ajfa-9064	271	37	audit	audit	NOUN
ajfa-9064	271	38	committee	committee	NOUN
ajfa-9064	271	39	and	and	CCONJ
ajfa-9064	271	40	the	the	DET
ajfa-9064	271	41	paired	pair	VERB
ajfa-9064	271	42	firms	firm	NOUN
ajfa-9064	271	43	.	.	PUNCT
ajfa-9064	272	1	in	in	ADP
ajfa-9064	272	2	panel	panel	NOUN
ajfa-9064	272	3	c	c	PROPN
ajfa-9064	272	4	and	and	CCONJ
ajfa-9064	272	5	panel	panel	NOUN
ajfa-9064	272	6	d	d	NOUN
ajfa-9064	272	7	,	,	PUNCT
ajfa-9064	272	8	we	we	PRON
ajfa-9064	272	9	compare	compare	VERB
ajfa-9064	272	10	differences	difference	NOUN
ajfa-9064	272	11	between	between	ADP
ajfa-9064	272	12	tse	tse	NOUN
ajfa-9064	272	13	-	-	PUNCT
ajfa-9064	272	14	listed	list	VERB
ajfa-9064	272	15	firms	firm	NOUN
ajfa-9064	272	16	and	and	CCONJ
ajfa-9064	272	17	otc	otc	PROPN
ajfa-9064	272	18	-	-	PUNCT
ajfa-9064	272	19	listed	list	VERB
ajfa-9064	272	20	firms	firm	NOUN
ajfa-9064	272	21	.	.	PUNCT
ajfa-9064	273	1	among	among	ADP
ajfa-9064	273	2	firms	firm	NOUN
ajfa-9064	273	3	with	with	ADP
ajfa-9064	273	4	an	an	DET
ajfa-9064	273	5	audit	audit	NOUN
ajfa-9064	273	6	committee	committee	NOUN
ajfa-9064	273	7	,	,	PUNCT
ajfa-9064	273	8	tse	tse	NOUN
ajfa-9064	273	9	-	-	PUNCT
ajfa-9064	273	10	listed	list	VERB
ajfa-9064	273	11	firms	firm	NOUN
ajfa-9064	273	12	have	have	VERB
ajfa-9064	273	13	a	a	DET
ajfa-9064	273	14	mean	mean	ADJ
ajfa-9064	273	15	market	market	NOUN
ajfa-9064	273	16	value	value	NOUN
ajfa-9064	273	17	(	(	PUNCT
ajfa-9064	273	18	mt	mt	PROPN
ajfa-9064	273	19	)	)	PUNCT
ajfa-9064	273	20	of	of	ADP
ajfa-9064	273	21	$	$	SYM
ajfa-9064	273	22	155.73	155.73	NUM
ajfa-9064	273	23	million	million	NUM
ajfa-9064	273	24	,	,	PUNCT
ajfa-9064	273	25	while	while	SCONJ
ajfa-9064	273	26	otc	otc	NOUN
ajfa-9064	273	27	-	-	PUNCT
ajfa-9064	273	28	listed	list	VERB
ajfa-9064	273	29	firms	firm	NOUN
ajfa-9064	273	30	have	have	VERB
ajfa-9064	273	31	a	a	DET
ajfa-9064	273	32	mean	mean	ADJ
ajfa-9064	273	33	market	market	NOUN
ajfa-9064	273	34	value	value	NOUN
ajfa-9064	273	35	of	of	ADP
ajfa-9064	273	36	$	$	SYM
ajfa-9064	273	37	5.72	5.72	NUM
ajfa-9064	273	38	million	million	NUM
ajfa-9064	273	39	.	.	PUNCT
ajfa-9064	274	1	this	this	DET
ajfa-9064	274	2	findingconfirms	findingconfirm	NOUN
ajfa-9064	274	3	that	that	SCONJ
ajfa-9064	274	4	tse	tse	NOUN
ajfa-9064	274	5	-	-	PUNCT
ajfa-9064	274	6	listed	list	VERB
ajfa-9064	274	7	firms	firm	NOUN
ajfa-9064	274	8	are	be	AUX
ajfa-9064	274	9	much	much	ADV
ajfa-9064	274	10	larger	large	ADJ
ajfa-9064	274	11	in	in	ADP
ajfa-9064	274	12	size	size	NOUN
ajfa-9064	274	13	than	than	ADP
ajfa-9064	274	14	otc	otc	NOUN
ajfa-9064	274	15	-	-	PUNCT
ajfa-9064	274	16	listed	list	VERB
ajfa-9064	274	17	firms	firm	NOUN
ajfa-9064	274	18	.	.	PUNCT
ajfa-9064	275	1	4.2	4.2	NUM
ajfa-9064	275	2	correlation	correlation	NOUN
ajfa-9064	275	3	analysis	analysis	NOUN
ajfa-9064	275	4	to	to	PART
ajfa-9064	275	5	test	test	VERB
ajfa-9064	275	6	the	the	DET
ajfa-9064	275	7	correlations	correlation	NOUN
ajfa-9064	275	8	between	between	ADP
ajfa-9064	275	9	variables	variable	NOUN
ajfa-9064	275	10	,	,	PUNCT
ajfa-9064	275	11	we	we	PRON
ajfa-9064	275	12	perform	perform	VERB
ajfa-9064	275	13	pearson	pearson	PROPN
ajfa-9064	275	14	’s	’s	PART
ajfa-9064	275	15	correlation	correlation	NOUN
ajfa-9064	275	16	analysis	analysis	NOUN
ajfa-9064	275	17	.	.	PUNCT
ajfa-9064	276	1	the	the	DET
ajfa-9064	276	2	correlation	correlation	NOUN
ajfa-9064	276	3	coefficient	coefficient	NOUN
ajfa-9064	276	4	matrix	matrix	NOUN
ajfa-9064	276	5	is	be	AUX
ajfa-9064	276	6	shown	show	VERB
ajfa-9064	276	7	in	in	ADP
ajfa-9064	276	8	table	table	NOUN
ajfa-9064	276	9	4	4	NUM
ajfa-9064	276	10	.	.	PUNCT
ajfa-9064	276	11	as	as	SCONJ
ajfa-9064	276	12	shown	show	VERB
ajfa-9064	276	13	in	in	ADP
ajfa-9064	276	14	this	this	DET
ajfa-9064	276	15	table	table	NOUN
ajfa-9064	276	16	,	,	PUNCT
ajfa-9064	276	17	all	all	DET
ajfa-9064	276	18	the	the	DET
ajfa-9064	276	19	coefficients	coefficient	NOUN
ajfa-9064	276	20	are	be	AUX
ajfa-9064	276	21	smaller	small	ADJ
ajfa-9064	276	22	than	than	ADP
ajfa-9064	276	23	0.5	0.5	NUM
ajfa-9064	276	24	,	,	PUNCT
ajfa-9064	276	25	indicating	indicate	VERB
ajfa-9064	276	26	absence	absence	NOUN
ajfa-9064	276	27	of	of	ADP
ajfa-9064	276	28	a	a	DET
ajfa-9064	276	29	serious	serious	ADJ
ajfa-9064	276	30	collinearity	collinearity	NOUN
ajfa-9064	276	31	.	.	PUNCT
ajfa-9064	277	1	it	it	PRON
ajfa-9064	277	2	should	should	AUX
ajfa-9064	277	3	be	be	AUX
ajfa-9064	277	4	noted	note	VERB
ajfa-9064	277	5	that	that	SCONJ
ajfa-9064	277	6	although	although	SCONJ
ajfa-9064	277	7	(	(	PUNCT
ajfa-9064	277	8	𝑟𝑖,𝑡	𝑟𝑖,𝑡	SYM
ajfa-9064	277	9	−	−	ADP
ajfa-9064	277	10	𝑅𝑖,𝑡	𝑅𝑖,𝑡	PROPN
ajfa-9064	277	11	𝐵	𝐵	NOUN
ajfa-9064	277	12	)	)	PUNCT
ajfa-9064	277	13	and	and	CCONJ
ajfa-9064	277	14	𝐴𝐶𝑡	𝐴𝐶𝑡	NOUN
ajfa-9064	277	15	are	be	AUX
ajfa-9064	277	16	positively	positively	ADV
ajfa-9064	277	17	related	relate	VERB
ajfa-9064	277	18	,	,	PUNCT
ajfa-9064	277	19	the	the	DET
ajfa-9064	277	20	relation	relation	NOUN
ajfa-9064	277	21	is	be	AUX
ajfa-9064	277	22	not	not	PART
ajfa-9064	277	23	significant	significant	ADJ
ajfa-9064	277	24	.	.	PUNCT
ajfa-9064	278	1	in	in	ADP
ajfa-9064	278	2	other	other	ADJ
ajfa-9064	278	3	words	word	NOUN
ajfa-9064	278	4	,	,	PUNCT
ajfa-9064	278	5	the	the	DET
ajfa-9064	278	6	presence	presence	NOUN
ajfa-9064	278	7	of	of	ADP
ajfa-9064	278	8	an	an	DET
ajfa-9064	278	9	audit	audit	NOUN
ajfa-9064	278	10	committee	committee	NOUN
ajfa-9064	278	11	is	be	AUX
ajfa-9064	278	12	not	not	PART
ajfa-9064	278	13	positively	positively	ADV
ajfa-9064	278	14	related	relate	VERB
ajfa-9064	278	15	to	to	ADP
ajfa-9064	278	16	abnormal	abnormal	ADJ
ajfa-9064	278	17	return	return	NOUN
ajfa-9064	278	18	to	to	ADP
ajfa-9064	278	19	the	the	DET
ajfa-9064	278	20	level	level	NOUN
ajfa-9064	278	21	of	of	ADP
ajfa-9064	278	22	significance	significance	NOUN
ajfa-9064	278	23	.	.	PUNCT
ajfa-9064	279	1	4.3	4.3	NUM
ajfa-9064	279	2	regression	regression	NOUN
ajfa-9064	279	3	analysis	analysis	NOUN
ajfa-9064	279	4	our	our	PRON
ajfa-9064	279	5	extended	extended	ADJ
ajfa-9064	279	6	model	model	NOUN
ajfa-9064	279	7	is	be	AUX
ajfa-9064	279	8	aimed	aim	VERB
ajfa-9064	279	9	at	at	ADP
ajfa-9064	279	10	testing	test	VERB
ajfa-9064	279	11	the	the	DET
ajfa-9064	279	12	effect	effect	NOUN
ajfa-9064	279	13	of	of	ADP
ajfa-9064	279	14	setting	set	VERB
ajfa-9064	279	15	up	up	ADP
ajfa-9064	279	16	an	an	DET
ajfa-9064	279	17	audit	audit	NOUN
ajfa-9064	279	18	committee	committee	NOUN
ajfa-9064	279	19	on	on	ADP
ajfa-9064	279	20	the	the	DET
ajfa-9064	279	21	value	value	NOUN
ajfa-9064	279	22	of	of	ADP
ajfa-9064	279	23	cash	cash	NOUN
ajfa-9064	279	24	holdings	holding	NOUN
ajfa-9064	279	25	,	,	PUNCT
ajfa-9064	279	26	that	that	ADV
ajfa-9064	279	27	is	is	ADV
ajfa-9064	279	28	,	,	PUNCT
ajfa-9064	279	29	testing	test	VERB
ajfa-9064	279	30	whether	whether	SCONJ
ajfa-9064	279	31	the	the	DET
ajfa-9064	279	32	use	use	NOUN
ajfa-9064	279	33	efficiency	efficiency	NOUN
ajfa-9064	279	34	of	of	ADP
ajfa-9064	279	35	cash	cash	NOUN
ajfa-9064	279	36	holdings	holding	NOUN
ajfa-9064	279	37	improves	improve	VERB
ajfa-9064	279	38	significantly	significantly	ADV
ajfa-9064	279	39	after	after	ADP
ajfa-9064	279	40	establishment	establishment	NOUN
ajfa-9064	279	41	of	of	ADP
ajfa-9064	279	42	an	an	DET
ajfa-9064	279	43	audit	audit	NOUN
ajfa-9064	279	44	committee	committee	NOUN
ajfa-9064	279	45	.	.	PUNCT
ajfa-9064	280	1	asian	asian	ADJ
ajfa-9064	280	2	journal	journal	PROPN
ajfa-9064	280	3	of	of	ADP
ajfa-9064	280	4	finance	finance	PROPN
ajfa-9064	280	5	&	&	CCONJ
ajfa-9064	280	6	accounting	accounting	PROPN
ajfa-9064	280	7	issn	issn	PROPN
ajfa-9064	280	8	1946	1946	NUM
ajfa-9064	280	9	-	-	PUNCT
ajfa-9064	280	10	052x	052x	PROPN
ajfa-9064	280	11	2016	2016	NUM
ajfa-9064	280	12	,	,	PUNCT
ajfa-9064	280	13	vol	vol	NOUN
ajfa-9064	280	14	.	.	PROPN
ajfa-9064	280	15	8	8	NUM
ajfa-9064	280	16	,	,	PUNCT
ajfa-9064	280	17	no	no	INTJ
ajfa-9064	280	18	.	.	NOUN
ajfa-9064	280	19	1	1	NUM
ajfa-9064	280	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9064	280	21	114	114	NUM
ajfa-9064	280	22	table	table	NOUN
ajfa-9064	280	23	3	3	NUM
ajfa-9064	280	24	.	.	PUNCT
ajfa-9064	280	25	descriptive	descriptive	ADJ
ajfa-9064	280	26	statistics	statistic	NOUN
ajfa-9064	280	27	variable	variable	NOUN
ajfa-9064	280	28	mean	mean	VERB
ajfa-9064	280	29	sd	sd	ADP
ajfa-9064	280	30	min	min	PROPN
ajfa-9064	280	31	max	max	PROPN
ajfa-9064	280	32	mean	mean	PROPN
ajfa-9064	280	33	sd	sd	ADP
ajfa-9064	280	34	min	min	PROPN
ajfa-9064	280	35	max	max	PROPN
ajfa-9064	280	36	0.06	0.06	NUM
ajfa-9064	280	37	0.89	0.89	NUM
ajfa-9064	280	38	-1.53	-1.53	NUM
ajfa-9064	280	39	4.70	4.70	NUM
ajfa-9064	280	40	-0.12	-0.12	NUM
ajfa-9064	280	41	0.79	0.79	NUM
ajfa-9064	280	42	-1.40	-1.40	NUM
ajfa-9064	280	43	3.99	3.99	NUM
ajfa-9064	280	44	0.03	0.03	NUM
ajfa-9064	280	45	0.09	0.09	NUM
ajfa-9064	280	46	-0.13	-0.13	NUM
ajfa-9064	280	47	0.40	0.40	NUM
ajfa-9064	280	48	0.00	0.00	NUM
ajfa-9064	280	49	0.10	0.10	NUM
ajfa-9064	280	50	-0.29	-0.29	NUM
ajfa-9064	280	51	0.20	0.20	NUM
ajfa-9064	280	52	0.02	0.02	NUM
ajfa-9064	280	53	0.16	0.16	NUM
ajfa-9064	280	54	-0.21	-0.21	NUM
ajfa-9064	280	55	0.75	0.75	NUM
ajfa-9064	280	56	0.01	0.01	NUM
ajfa-9064	280	57	0.23	0.23	NUM
ajfa-9064	280	58	-0.64	-0.64	NUM
ajfa-9064	280	59	1.20	1.20	NUM
ajfa-9064	280	60	0.12	0.12	NUM
ajfa-9064	280	61	0.39	0.39	NUM
ajfa-9064	280	62	-0.49	-0.49	ADP
ajfa-9064	280	63	1.66	1.66	NUM
ajfa-9064	280	64	0.10	0.10	NUM
ajfa-9064	280	65	0.57	0.57	NUM
ajfa-9064	280	66	-0.55	-0.55	NUM
ajfa-9064	280	67	3.97	3.97	NUM
ajfa-9064	280	68	0.01	0.01	NUM
ajfa-9064	280	69	0.17	0.17	NUM
ajfa-9064	280	70	-0.49	-0.49	ADP
ajfa-9064	280	71	1.03	1.03	NUM
ajfa-9064	280	72	0.08	0.08	NUM
ajfa-9064	280	73	0.85	0.85	NUM
ajfa-9064	280	74	-1.83	-1.83	ADV
ajfa-9064	280	75	5.95	5.95	NUM
ajfa-9064	280	76	0.00	0.00	NUM
ajfa-9064	280	77	0.00	0.00	NUM
ajfa-9064	280	78	-0.03	-0.03	NUM
ajfa-9064	280	79	0.01	0.01	NUM
ajfa-9064	280	80	0.00	0.00	NUM
ajfa-9064	280	81	0.00	0.00	NUM
ajfa-9064	280	82	-0.02	-0.02	NUM
ajfa-9064	280	83	0.02	0.02	NUM
ajfa-9064	280	84	0.01	0.01	NUM
ajfa-9064	280	85	0.05	0.05	NUM
ajfa-9064	280	86	-0.06	-0.06	NUM
ajfa-9064	280	87	0.23	0.23	NUM
ajfa-9064	280	88	0.00	0.00	NUM
ajfa-9064	280	89	0.03	0.03	NUM
ajfa-9064	280	90	-0.06	-0.06	NUM
ajfa-9064	280	91	0.10	0.10	NUM
ajfa-9064	280	92	0.12	0.12	NUM
ajfa-9064	280	93	0.12	0.12	NUM
ajfa-9064	280	94	0.00	0.00	NUM
ajfa-9064	280	95	0.48	0.48	NUM
ajfa-9064	280	96	0.17	0.17	NUM
ajfa-9064	280	97	0.23	0.23	NUM
ajfa-9064	280	98	0.00	0.00	NUM
ajfa-9064	280	99	1.19	1.19	NUM
ajfa-9064	280	100	0.22	0.22	NUM
ajfa-9064	280	101	0.17	0.17	NUM
ajfa-9064	280	102	0.01	0.01	NUM
ajfa-9064	280	103	0.65	0.65	NUM
ajfa-9064	280	104	0.24	0.24	NUM
ajfa-9064	280	105	0.20	0.20	NUM
ajfa-9064	280	106	0.00	0.00	NUM
ajfa-9064	280	107	0.79	0.79	NUM
ajfa-9064	280	108	0.06	0.06	NUM
ajfa-9064	280	109	0.19	0.19	NUM
ajfa-9064	280	110	-0.14	-0.14	NUM
ajfa-9064	280	111	1.26	1.26	NUM
ajfa-9064	280	112	0.05	0.05	NUM
ajfa-9064	280	113	0.22	0.22	NUM
ajfa-9064	280	114	-0.13	-0.13	NUM
ajfa-9064	280	115	1.51	1.51	NUM
ajfa-9064	280	116	(	(	PUNCT
ajfa-9064	280	117	million	million	NUM
ajfa-9064	280	118	)	)	PUNCT
ajfa-9064	280	119	95.15	95.15	NUM
ajfa-9064	281	1	310.87	310.87	NUM
ajfa-9064	281	2	0.12	0.12	NUM
ajfa-9064	281	3	1743.50	1743.50	NUM
ajfa-9064	281	4	87.72	87.72	NUM
ajfa-9064	281	5	271.46	271.46	NUM
ajfa-9064	281	6	0.43	0.43	NUM
ajfa-9064	281	7	1638.48	1638.48	NUM
ajfa-9064	281	8	variable	variable	ADJ
ajfa-9064	281	9	mean	mean	NOUN
ajfa-9064	281	10	sd	sd	ADP
ajfa-9064	281	11	min	min	PROPN
ajfa-9064	281	12	max	max	PROPN
ajfa-9064	281	13	mean	mean	PROPN
ajfa-9064	281	14	sd	sd	ADP
ajfa-9064	281	15	min	min	PROPN
ajfa-9064	281	16	max	max	PROPN
ajfa-9064	281	17	-0.04	-0.04	PROPN
ajfa-9064	281	18	0.56	0.56	NUM
ajfa-9064	281	19	-1.08	-1.08	NUM
ajfa-9064	281	20	1.92	1.92	NUM
ajfa-9064	281	21	-0.10	-0.10	NUM
ajfa-9064	281	22	0.56	0.56	NUM
ajfa-9064	281	23	-2.15	-2.15	NUM
ajfa-9064	281	24	2.12	2.12	NUM
ajfa-9064	281	25	0.02	0.02	NUM
ajfa-9064	281	26	0.08	0.08	NUM
ajfa-9064	281	27	-0.32	-0.32	NUM
ajfa-9064	281	28	0.33	0.33	NUM
ajfa-9064	281	29	0.00	0.00	NUM
ajfa-9064	281	30	0.25	0.25	NUM
ajfa-9064	281	31	-1.72	-1.72	ADP
ajfa-9064	281	32	0.27	0.27	NUM
ajfa-9064	281	33	0.02	0.02	NUM
ajfa-9064	281	34	0.10	0.10	NUM
ajfa-9064	281	35	-0.18	-0.18	NUM
ajfa-9064	281	36	0.37	0.37	NUM
ajfa-9064	281	37	0.01	0.01	NUM
ajfa-9064	281	38	0.14	0.14	NUM
ajfa-9064	281	39	-0.48	-0.48	NUM
ajfa-9064	281	40	0.76	0.76	NUM
ajfa-9064	281	41	0.09	0.09	NUM
ajfa-9064	281	42	0.23	0.23	NUM
ajfa-9064	281	43	-0.48	-0.48	NUM
ajfa-9064	281	44	0.78	0.78	NUM
ajfa-9064	281	45	0.09	0.09	NUM
ajfa-9064	281	46	0.28	0.28	NUM
ajfa-9064	281	47	-0.54	-0.54	NUM
ajfa-9064	281	48	1.54	1.54	NUM
ajfa-9064	281	49	0.18	0.18	NUM
ajfa-9064	281	50	0.83	0.83	NUM
ajfa-9064	281	51	-0.05	-0.05	NUM
ajfa-9064	281	52	5.73	5.73	NUM
ajfa-9064	281	53	0.01	0.01	NUM
ajfa-9064	281	54	0.24	0.24	NUM
ajfa-9064	281	55	-0.88	-0.88	NUM
ajfa-9064	281	56	1.48	1.48	NUM
ajfa-9064	281	57	0.00	0.00	NUM
ajfa-9064	281	58	0.00	0.00	NUM
ajfa-9064	281	59	-0.02	-0.02	NUM
ajfa-9064	281	60	0.01	0.01	NUM
ajfa-9064	281	61	0.00	0.00	NUM
ajfa-9064	281	62	0.00	0.00	NUM
ajfa-9064	281	63	-0.01	-0.01	NUM
ajfa-9064	281	64	0.00	0.00	NUM
ajfa-9064	281	65	0.00	0.00	NUM
ajfa-9064	281	66	0.04	0.04	NUM
ajfa-9064	281	67	-0.08	-0.08	NUM
ajfa-9064	281	68	0.16	0.16	NUM
ajfa-9064	281	69	0.01	0.01	NUM
ajfa-9064	281	70	0.04	0.04	NUM
ajfa-9064	281	71	-0.06	-0.06	NUM
ajfa-9064	281	72	0.20	0.20	NUM
ajfa-9064	281	73	0.11	0.11	NUM
ajfa-9064	281	74	0.11	0.11	NUM
ajfa-9064	281	75	0.00	0.00	NUM
ajfa-9064	281	76	0.55	0.55	NUM
ajfa-9064	281	77	0.17	0.17	NUM
ajfa-9064	281	78	0.30	0.30	NUM
ajfa-9064	281	79	0.00	0.00	NUM
ajfa-9064	281	80	2.26	2.26	NUM
ajfa-9064	281	81	0.26	0.26	NUM
ajfa-9064	281	82	0.18	0.18	NUM
ajfa-9064	281	83	0.01	0.01	NUM
ajfa-9064	281	84	0.73	0.73	NUM
ajfa-9064	281	85	0.25	0.25	NUM
ajfa-9064	281	86	0.17	0.17	NUM
ajfa-9064	281	87	0.03	0.03	NUM
ajfa-9064	281	88	0.77	0.77	NUM
ajfa-9064	281	89	0.05	0.05	NUM
ajfa-9064	281	90	0.10	0.10	NUM
ajfa-9064	281	91	-0.15	-0.15	NUM
ajfa-9064	281	92	0.43	0.43	NUM
ajfa-9064	281	93	0.04	0.04	NUM
ajfa-9064	281	94	0.11	0.11	NUM
ajfa-9064	281	95	-0.03	-0.03	NUM
ajfa-9064	281	96	0.56	0.56	NUM
ajfa-9064	281	97	(	(	PUNCT
ajfa-9064	281	98	million	million	NUM
ajfa-9064	281	99	)	)	PUNCT
ajfa-9064	281	100	42.30	42.30	NUM
ajfa-9064	281	101	95.19	95.19	NUM
ajfa-9064	281	102	0.12	0.12	NUM
ajfa-9064	281	103	585.87	585.87	NUM
ajfa-9064	281	104	55.60	55.60	NUM
ajfa-9064	281	105	180.37	180.37	NUM
ajfa-9064	281	106	0.43	0.43	NUM
ajfa-9064	281	107	1270.74	1270.74	NUM
ajfa-9064	281	108	pre	pre	ADJ
ajfa-9064	281	109	-	-	ADJ
ajfa-9064	281	110	establishment(n=56	establishment(n=56	ADJ
ajfa-9064	281	111	)	)	PUNCT
ajfa-9064	281	112	post	post	ADJ
ajfa-9064	281	113	-	-	ADJ
ajfa-9064	281	114	establishment(n=56	establishment(n=56	ADJ
ajfa-9064	281	115	)	)	PUNCT
ajfa-9064	281	116	panel	panel	NOUN
ajfa-9064	281	117	a	a	DET
ajfa-9064	281	118	:	:	PUNCT
ajfa-9064	281	119	firms	firm	NOUN
ajfa-9064	281	120	with	with	ADP
ajfa-9064	281	121	an	an	DET
ajfa-9064	281	122	audit	audit	NOUN
ajfa-9064	281	123	committee	committee	NOUN
ajfa-9064	281	124	panel	panel	NOUN
ajfa-9064	281	125	a	a	DET
ajfa-9064	281	126	:	:	PUNCT
ajfa-9064	281	127	firms	firm	NOUN
ajfa-9064	281	128	without	without	ADP
ajfa-9064	281	129	an	an	DET
ajfa-9064	281	130	audit	audit	NOUN
ajfa-9064	281	131	committee	committee	NOUN
ajfa-9064	281	132	pre	pre	NOUN
ajfa-9064	281	133	-	-	PROPN
ajfa-9064	281	134	establishment(n=56	establishment(n=56	NOUN
ajfa-9064	281	135	)	)	PUNCT
ajfa-9064	281	136	post	post	ADJ
ajfa-9064	281	137	-	-	ADJ
ajfa-9064	281	138	establishment(n=56	establishment(n=56	ADJ
ajfa-9064	281	139	)	)	PUNCT
ajfa-9064	281	140	asian	asian	ADJ
ajfa-9064	281	141	journal	journal	NOUN
ajfa-9064	281	142	of	of	ADP
ajfa-9064	281	143	finance	finance	PROPN
ajfa-9064	281	144	&	&	CCONJ
ajfa-9064	281	145	accounting	accounting	PROPN
ajfa-9064	281	146	issn	issn	PROPN
ajfa-9064	281	147	1946	1946	NUM
ajfa-9064	281	148	-	-	PUNCT
ajfa-9064	281	149	052x	052x	PROPN
ajfa-9064	281	150	2016	2016	NUM
ajfa-9064	281	151	,	,	PUNCT
ajfa-9064	281	152	vol	vol	NOUN
ajfa-9064	281	153	.	.	PROPN
ajfa-9064	281	154	8	8	NUM
ajfa-9064	281	155	,	,	PUNCT
ajfa-9064	281	156	no	no	INTJ
ajfa-9064	281	157	.	.	NOUN
ajfa-9064	281	158	1	1	NUM
ajfa-9064	281	159	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9064	281	160	115	115	NUM
ajfa-9064	281	161	table	table	NOUN
ajfa-9064	281	162	3	3	NUM
ajfa-9064	281	163	.	.	PUNCT
ajfa-9064	281	164	descriptive	descriptive	ADJ
ajfa-9064	281	165	statistics	statistic	NOUN
ajfa-9064	281	166	(	(	PUNCT
ajfa-9064	281	167	continued	continued	ADJ
ajfa-9064	281	168	)	)	PUNCT
ajfa-9064	281	169	variable	variable	ADJ
ajfa-9064	281	170	mean	mean	NOUN
ajfa-9064	281	171	sd	sd	ADP
ajfa-9064	281	172	min	min	PROPN
ajfa-9064	281	173	max	max	PROPN
ajfa-9064	281	174	mean	mean	PROPN
ajfa-9064	281	175	sd	sd	ADP
ajfa-9064	281	176	min	min	PROPN
ajfa-9064	281	177	max	max	PROPN
ajfa-9064	281	178	0.04	0.04	NUM
ajfa-9064	281	179	0.82	0.82	NUM
ajfa-9064	281	180	-1.53	-1.53	NUM
ajfa-9064	281	181	4.70	4.70	NUM
ajfa-9064	281	182	-0.12	-0.12	NUM
ajfa-9064	281	183	0.86	0.86	NUM
ajfa-9064	281	184	-1.40	-1.40	NUM
ajfa-9064	281	185	3.99	3.99	NUM
ajfa-9064	281	186	0.01	0.01	NUM
ajfa-9064	281	187	0.08	0.08	NUM
ajfa-9064	281	188	-0.29	-0.29	NUM
ajfa-9064	281	189	0.25	0.25	NUM
ajfa-9064	281	190	0.02	0.02	NUM
ajfa-9064	281	191	0.12	0.12	NUM
ajfa-9064	281	192	-0.24	-0.24	NUM
ajfa-9064	281	193	0.40	0.40	NUM
ajfa-9064	281	194	0.05	0.05	NUM
ajfa-9064	281	195	0.23	0.23	NUM
ajfa-9064	281	196	-0.36	-0.36	NUM
ajfa-9064	281	197	1.20	1.20	NUM
ajfa-9064	281	198	-0.03	-0.03	NUM
ajfa-9064	281	199	0.13	0.13	NUM
ajfa-9064	281	200	-0.64	-0.64	NUM
ajfa-9064	281	201	0.30	0.30	NUM
ajfa-9064	281	202	0.16	0.16	NUM
ajfa-9064	281	203	0.59	0.59	NUM
ajfa-9064	281	204	-0.49	-0.49	ADP
ajfa-9064	281	205	3.97	3.97	NUM
ajfa-9064	281	206	0.05	0.05	NUM
ajfa-9064	281	207	0.29	0.29	NUM
ajfa-9064	281	208	-0.55	-0.55	NUM
ajfa-9064	281	209	1.31	1.31	NUM
ajfa-9064	281	210	0.08	0.08	NUM
ajfa-9064	281	211	0.81	0.81	NUM
ajfa-9064	281	212	-1.83	-1.83	NUM
ajfa-9064	281	213	5.95	5.95	NUM
ajfa-9064	281	214	0.00	0.00	NUM
ajfa-9064	281	215	0.03	0.03	NUM
ajfa-9064	281	216	-0.12	-0.12	NUM
ajfa-9064	281	217	0.04	0.04	NUM
ajfa-9064	281	218	0.00	0.00	NUM
ajfa-9064	281	219	0.00	0.00	NUM
ajfa-9064	281	220	-0.03	-0.03	NUM
ajfa-9064	281	221	0.01	0.01	NUM
ajfa-9064	281	222	0.00	0.00	NUM
ajfa-9064	281	223	0.00	0.00	NUM
ajfa-9064	281	224	-0.02	-0.02	NUM
ajfa-9064	281	225	0.02	0.02	NUM
ajfa-9064	281	226	0.01	0.01	NUM
ajfa-9064	281	227	0.05	0.05	NUM
ajfa-9064	281	228	-0.04	-0.04	NUM
ajfa-9064	281	229	0.23	0.23	NUM
ajfa-9064	281	230	0.00	0.00	NUM
ajfa-9064	281	231	0.03	0.03	NUM
ajfa-9064	281	232	-0.06	-0.06	NUM
ajfa-9064	281	233	0.09	0.09	NUM
ajfa-9064	281	234	0.11	0.11	NUM
ajfa-9064	281	235	0.12	0.12	NUM
ajfa-9064	281	236	0.00	0.00	NUM
ajfa-9064	281	237	0.48	0.48	NUM
ajfa-9064	281	238	0.19	0.19	NUM
ajfa-9064	281	239	0.24	0.24	NUM
ajfa-9064	281	240	0.00	0.00	NUM
ajfa-9064	281	241	1.19	1.19	NUM
ajfa-9064	281	242	0.23	0.23	NUM
ajfa-9064	281	243	0.19	0.19	NUM
ajfa-9064	281	244	0.01	0.01	NUM
ajfa-9064	281	245	0.79	0.79	NUM
ajfa-9064	281	246	0.23	0.23	NUM
ajfa-9064	281	247	0.18	0.18	NUM
ajfa-9064	281	248	0.00	0.00	NUM
ajfa-9064	281	249	0.76	0.76	NUM
ajfa-9064	281	250	0.02	0.02	NUM
ajfa-9064	281	251	0.09	0.09	NUM
ajfa-9064	281	252	-0.14	-0.14	NUM
ajfa-9064	281	253	0.57	0.57	NUM
ajfa-9064	281	254	0.11	0.11	NUM
ajfa-9064	281	255	0.28	0.28	NUM
ajfa-9064	281	256	0.00	0.00	NUM
ajfa-9064	281	257	1.51	1.51	NUM
ajfa-9064	281	258	(	(	PUNCT
ajfa-9064	281	259	million	million	NUM
ajfa-9064	281	260	)	)	PUNCT
ajfa-9064	281	261	155.73	155.73	NUM
ajfa-9064	281	262	372.65	372.65	NUM
ajfa-9064	281	263	1.14	1.14	NUM
ajfa-9064	281	264	1743.50	1743.50	NUM
ajfa-9064	281	265	5.72	5.72	NUM
ajfa-9064	281	266	8.88	8.88	NUM
ajfa-9064	281	267	0.12	0.12	NUM
ajfa-9064	281	268	40.89	40.89	NUM
ajfa-9064	281	269	variable	variable	ADJ
ajfa-9064	281	270	mean	mean	NOUN
ajfa-9064	281	271	sd	sd	ADP
ajfa-9064	281	272	min	min	PROPN
ajfa-9064	281	273	max	max	PROPN
ajfa-9064	281	274	mean	mean	PROPN
ajfa-9064	281	275	sd	sd	ADP
ajfa-9064	281	276	min	min	PROPN
ajfa-9064	281	277	max	max	PROPN
ajfa-9064	281	278	0.00	0.00	NUM
ajfa-9064	281	279	0.50	0.50	NUM
ajfa-9064	281	280	-1.08	-1.08	NUM
ajfa-9064	281	281	1.92	1.92	NUM
ajfa-9064	281	282	-0.16	-0.16	NUM
ajfa-9064	281	283	0.63	0.63	NUM
ajfa-9064	281	284	-2.15	-2.15	NUM
ajfa-9064	281	285	2.12	2.12	NUM
ajfa-9064	281	286	0.03	0.03	NUM
ajfa-9064	281	287	0.07	0.07	NUM
ajfa-9064	281	288	-0.11	-0.11	NUM
ajfa-9064	281	289	0.33	0.33	NUM
ajfa-9064	281	290	-0.01	-0.01	NUM
ajfa-9064	281	291	0.27	0.27	NUM
ajfa-9064	281	292	-1.72	-1.72	NUM
ajfa-9064	281	293	0.27	0.27	NUM
ajfa-9064	281	294	0.01	0.01	NUM
ajfa-9064	281	295	0.08	0.08	NUM
ajfa-9064	281	296	-0.18	-0.18	NUM
ajfa-9064	281	297	0.32	0.32	NUM
ajfa-9064	281	298	0.03	0.03	NUM
ajfa-9064	281	299	0.17	0.17	NUM
ajfa-9064	281	300	-0.48	-0.48	NUM
ajfa-9064	281	301	0.76	0.76	NUM
ajfa-9064	281	302	0.09	0.09	NUM
ajfa-9064	281	303	0.21	0.21	NUM
ajfa-9064	281	304	-0.54	-0.54	NUM
ajfa-9064	281	305	0.78	0.78	NUM
ajfa-9064	281	306	0.09	0.09	NUM
ajfa-9064	281	307	0.31	0.31	NUM
ajfa-9064	281	308	-0.48	-0.48	NUM
ajfa-9064	281	309	1.54	1.54	NUM
ajfa-9064	281	310	0.15	0.15	NUM
ajfa-9064	281	311	0.78	0.78	NUM
ajfa-9064	281	312	-0.27	-0.27	NOUN
ajfa-9064	281	313	5.73	5.73	NUM
ajfa-9064	281	314	0.02	0.02	NUM
ajfa-9064	281	315	0.26	0.26	NUM
ajfa-9064	281	316	-0.88	-0.88	NUM
ajfa-9064	281	317	1.48	1.48	NUM
ajfa-9064	281	318	0.00	0.00	NUM
ajfa-9064	281	319	0.00	0.00	NUM
ajfa-9064	281	320	-0.01	-0.01	NUM
ajfa-9064	281	321	0.01	0.01	NUM
ajfa-9064	281	322	0.00	0.00	NUM
ajfa-9064	281	323	0.00	0.00	NUM
ajfa-9064	281	324	-0.02	-0.02	NUM
ajfa-9064	281	325	0.01	0.01	NUM
ajfa-9064	281	326	0.00	0.00	NUM
ajfa-9064	281	327	0.03	0.03	NUM
ajfa-9064	281	328	-0.08	-0.08	NUM
ajfa-9064	281	329	0.14	0.14	NUM
ajfa-9064	281	330	0.01	0.01	NUM
ajfa-9064	281	331	0.05	0.05	NUM
ajfa-9064	281	332	-0.06	-0.06	NUM
ajfa-9064	281	333	0.20	0.20	NUM
ajfa-9064	281	334	0.11	0.11	NUM
ajfa-9064	281	335	0.10	0.10	NUM
ajfa-9064	281	336	0.00	0.00	NUM
ajfa-9064	281	337	0.50	0.50	NUM
ajfa-9064	281	338	0.18	0.18	NUM
ajfa-9064	281	339	0.33	0.33	NUM
ajfa-9064	281	340	0.01	0.01	NUM
ajfa-9064	281	341	2.26	2.26	NUM
ajfa-9064	281	342	0.25	0.25	NUM
ajfa-9064	281	343	0.18	0.18	NUM
ajfa-9064	281	344	0.01	0.01	NUM
ajfa-9064	281	345	0.77	0.77	NUM
ajfa-9064	281	346	0.26	0.26	NUM
ajfa-9064	281	347	0.17	0.17	NUM
ajfa-9064	281	348	0.03	0.03	NUM
ajfa-9064	281	349	0.73	0.73	NUM
ajfa-9064	281	350	0.03	0.03	NUM
ajfa-9064	281	351	0.09	0.09	NUM
ajfa-9064	281	352	-0.15	-0.15	NUM
ajfa-9064	281	353	0.43	0.43	NUM
ajfa-9064	281	354	0.06	0.06	NUM
ajfa-9064	281	355	0.12	0.12	NUM
ajfa-9064	281	356	-0.03	-0.03	NUM
ajfa-9064	281	357	0.56	0.56	NUM
ajfa-9064	281	358	(	(	PUNCT
ajfa-9064	281	359	million	million	NUM
ajfa-9064	281	360	)	)	PUNCT
ajfa-9064	281	361	82.15	82.15	NUM
ajfa-9064	281	362	183.35	183.35	NUM
ajfa-9064	281	363	1.14	1.14	NUM
ajfa-9064	281	364	1270.73	1270.73	NUM
ajfa-9064	281	365	4.67	4.67	NUM
ajfa-9064	281	366	7.37	7.37	NUM
ajfa-9064	281	367	0.12	0.12	NUM
ajfa-9064	281	368	35.38	35.38	NUM
ajfa-9064	281	369	panel	panel	NOUN
ajfa-9064	281	370	c	c	NOUN
ajfa-9064	281	371	:	:	PUNCT
ajfa-9064	281	372	firms	firm	NOUN
ajfa-9064	281	373	with	with	ADP
ajfa-9064	281	374	an	an	DET
ajfa-9064	281	375	audit	audit	NOUN
ajfa-9064	281	376	committee	committee	NOUN
ajfa-9064	281	377	(	(	PUNCT
ajfa-9064	281	378	divided	divide	VERB
ajfa-9064	281	379	by	by	ADP
ajfa-9064	281	380	market	market	NOUN
ajfa-9064	281	381	)	)	PUNCT
ajfa-9064	281	382	tse	tse	PROPN
ajfa-9064	281	383	-	-	PUNCT
ajfa-9064	281	384	listed(n=64	listed(n=64	PROPN
ajfa-9064	281	385	)	)	PUNCT
ajfa-9064	281	386	otc	otc	PROPN
ajfa-9064	281	387	-	-	PUNCT
ajfa-9064	281	388	listed(n=48	listed(n=48	PROPN
ajfa-9064	281	389	)	)	PUNCT
ajfa-9064	281	390	panel	panel	NOUN
ajfa-9064	282	1	d	d	NOUN
ajfa-9064	282	2	:	:	PUNCT
ajfa-9064	282	3	firms	firm	NOUN
ajfa-9064	282	4	without	without	ADP
ajfa-9064	282	5	an	an	DET
ajfa-9064	282	6	audit	audit	NOUN
ajfa-9064	282	7	committee	committee	NOUN
ajfa-9064	282	8	(	(	PUNCT
ajfa-9064	282	9	divided	divide	VERB
ajfa-9064	282	10	by	by	ADP
ajfa-9064	282	11	market	market	NOUN
ajfa-9064	282	12	)	)	PUNCT
ajfa-9064	282	13	tse	tse	PROPN
ajfa-9064	282	14	-	-	PUNCT
ajfa-9064	282	15	listed(n=64	listed(n=64	PROPN
ajfa-9064	282	16	)	)	PUNCT
ajfa-9064	282	17	otc	otc	PROPN
ajfa-9064	282	18	-	-	PUNCT
ajfa-9064	282	19	listed(n=48	listed(n=48	NOUN
ajfa-9064	282	20	)	)	PUNCT
ajfa-9064	282	21	asian	asian	ADJ
ajfa-9064	282	22	journal	journal	NOUN
ajfa-9064	282	23	of	of	ADP
ajfa-9064	282	24	finance	finance	PROPN
ajfa-9064	282	25	&	&	CCONJ
ajfa-9064	282	26	accounting	accounting	PROPN
ajfa-9064	282	27	issn	issn	PROPN
ajfa-9064	282	28	1946	1946	NUM
ajfa-9064	282	29	-	-	PUNCT
ajfa-9064	282	30	052x	052x	PROPN
ajfa-9064	282	31	2016	2016	NUM
ajfa-9064	282	32	,	,	PUNCT
ajfa-9064	282	33	vol	vol	NOUN
ajfa-9064	282	34	.	.	PROPN
ajfa-9064	282	35	8	8	NUM
ajfa-9064	282	36	,	,	PUNCT
ajfa-9064	282	37	no	no	INTJ
ajfa-9064	282	38	.	.	NOUN
ajfa-9064	282	39	1	1	NUM
ajfa-9064	282	40	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9064	282	41	116	116	NUM
ajfa-9064	282	42	table	table	NOUN
ajfa-9064	282	43	4	4	NUM
ajfa-9064	282	44	.	.	PUNCT
ajfa-9064	282	45	correlation	correlation	NOUN
ajfa-9064	282	46	coefficient	coefficient	NOUN
ajfa-9064	282	47	matrix	matrix	NOUN
ajfa-9064	282	48	notes	note	VERB
ajfa-9064	282	49	:	:	PUNCT
ajfa-9064	283	1	1	1	X
ajfa-9064	283	2	.	.	X
ajfa-9064	283	3	*	*	PUNCT
ajfa-9064	283	4	*	*	PUNCT
ajfa-9064	283	5	*	*	PUNCT
ajfa-9064	283	6	p<0.01	p<0.01	PROPN
ajfa-9064	283	7	,	,	PUNCT
ajfa-9064	283	8	*	*	PUNCT
ajfa-9064	283	9	*	*	PUNCT
ajfa-9064	283	10	p<0.05	p<0.05	NOUN
ajfa-9064	283	11	,	,	PUNCT
ajfa-9064	283	12	*	*	SYM
ajfa-9064	283	13	p<0.1	p<0.1	NUM
ajfa-9064	283	14	2	2	X
ajfa-9064	283	15	.	.	PUNCT
ajfa-9064	283	16	variable	variable	ADJ
ajfa-9064	283	17	definition	definition	NOUN
ajfa-9064	283	18	:	:	PUNCT
ajfa-9064	283	19	𝑟𝑡	𝑟𝑡	NOUN
ajfa-9064	283	20	−	−	NOUN
ajfa-9064	283	21	𝑅𝑡	𝑅𝑡	NOUN
ajfa-9064	283	22	𝐵denotes	𝐵denote	VERB
ajfa-9064	283	23	abnormal	abnormal	ADJ
ajfa-9064	283	24	returns	return	NOUN
ajfa-9064	283	25	;	;	PUNCT
ajfa-9064	283	26	∆𝐶𝑡	∆𝐶𝑡	PROPN
ajfa-9064	283	27	denotes	denote	NOUN
ajfa-9064	283	28	change	change	VERB
ajfa-9064	283	29	in	in	ADP
ajfa-9064	283	30	cash	cash	NOUN
ajfa-9064	283	31	and	and	CCONJ
ajfa-9064	283	32	cash	cash	NOUN
ajfa-9064	283	33	equivalents	equivalent	NOUN
ajfa-9064	283	34	divided	divide	VERB
ajfa-9064	283	35	by	by	ADP
ajfa-9064	283	36	market	market	NOUN
ajfa-9064	283	37	value	value	NOUN
ajfa-9064	283	38	of	of	ADP
ajfa-9064	283	39	the	the	DET
ajfa-9064	283	40	previous	previous	ADJ
ajfa-9064	283	41	period	period	NOUN
ajfa-9064	283	42	;	;	PUNCT
ajfa-9064	283	43	𝑃𝑂𝑆𝑇𝑡	𝑃𝑂𝑆𝑇𝑡	PROPN
ajfa-9064	283	44	is	be	AUX
ajfa-9064	283	45	a	a	DET
ajfa-9064	283	46	dummy	dummy	ADJ
ajfa-9064	283	47	variable	variable	NOUN
ajfa-9064	283	48	where	where	SCONJ
ajfa-9064	283	49	1	1	NUM
ajfa-9064	283	50	indicates	indicate	VERB
ajfa-9064	283	51	the	the	DET
ajfa-9064	283	52	year	year	NOUN
ajfa-9064	283	53	when	when	SCONJ
ajfa-9064	283	54	an	an	DET
ajfa-9064	283	55	audit	audit	NOUN
ajfa-9064	283	56	committee	committee	NOUN
ajfa-9064	283	57	is	be	AUX
ajfa-9064	283	58	established	establish	VERB
ajfa-9064	283	59	or	or	CCONJ
ajfa-9064	283	60	the	the	DET
ajfa-9064	283	61	next	next	ADJ
ajfa-9064	283	62	year	year	NOUN
ajfa-9064	283	63	,	,	PUNCT
ajfa-9064	283	64	and	and	CCONJ
ajfa-9064	283	65	0	0	NUM
ajfa-9064	283	66	indicates	indicate	VERB
ajfa-9064	283	67	other	other	ADJ
ajfa-9064	283	68	periods	period	NOUN
ajfa-9064	283	69	of	of	ADP
ajfa-9064	283	70	time	time	NOUN
ajfa-9064	283	71	;	;	PUNCT
ajfa-9064	283	72	𝐴𝐶𝑡	𝐴𝐶𝑡	PROPN
ajfa-9064	283	73	is	be	AUX
ajfa-9064	283	74	a	a	DET
ajfa-9064	283	75	dummy	dummy	ADJ
ajfa-9064	283	76	variable	variable	NOUN
ajfa-9064	283	77	where	where	SCONJ
ajfa-9064	283	78	1	1	NUM
ajfa-9064	283	79	indicates	indicate	VERB
ajfa-9064	283	80	presence	presence	NOUN
ajfa-9064	283	81	of	of	ADP
ajfa-9064	283	82	an	an	DET
ajfa-9064	283	83	audit	audit	NOUN
ajfa-9064	283	84	committee	committee	NOUN
ajfa-9064	283	85	and	and	CCONJ
ajfa-9064	283	86	0	0	NUM
ajfa-9064	283	87	indicates	indicate	VERB
ajfa-9064	283	88	absence	absence	NOUN
ajfa-9064	283	89	of	of	ADP
ajfa-9064	283	90	an	an	DET
ajfa-9064	283	91	audit	audit	NOUN
ajfa-9064	283	92	committee	committee	NOUN
ajfa-9064	283	93	;	;	PUNCT
ajfa-9064	283	94	∆𝐸𝑡	∆𝐸𝑡	PROPN
ajfa-9064	283	95	denotes	denotes	PROPN
ajfa-9064	283	96	earnings	earning	NOUN
ajfa-9064	283	97	from	from	ADP
ajfa-9064	283	98	extraordinary	extraordinary	ADJ
ajfa-9064	283	99	items	item	NOUN
ajfa-9064	283	100	and	and	CCONJ
ajfa-9064	283	101	interest	interest	NOUN
ajfa-9064	283	102	divided	divide	VERB
ajfa-9064	283	103	by	by	ADP
ajfa-9064	283	104	market	market	NOUN
ajfa-9064	283	105	value	value	NOUN
ajfa-9064	283	106	of	of	ADP
ajfa-9064	283	107	the	the	DET
ajfa-9064	283	108	previous	previous	ADJ
ajfa-9064	283	109	period	period	NOUN
ajfa-9064	283	110	;	;	PUNCT
ajfa-9064	283	111	∆𝑁𝐴𝑡	∆𝑁𝐴𝑡	NOUN
ajfa-9064	283	112	denotes	denote	NOUN
ajfa-9064	283	113	change	change	VERB
ajfa-9064	283	114	in	in	ADP
ajfa-9064	283	115	assets	asset	NOUN
ajfa-9064	283	116	minus	minus	CCONJ
ajfa-9064	283	117	cash	cash	NOUN
ajfa-9064	283	118	divided	divide	VERB
ajfa-9064	283	119	by	by	ADP
ajfa-9064	283	120	market	market	NOUN
ajfa-9064	283	121	value	value	NOUN
ajfa-9064	283	122	of	of	ADP
ajfa-9064	283	123	the	the	DET
ajfa-9064	283	124	previous	previous	ADJ
ajfa-9064	283	125	period	period	NOUN
ajfa-9064	283	126	;	;	PUNCT
ajfa-9064	283	127	∆𝑅𝐷𝑡	∆𝑅𝐷𝑡	NOUN
ajfa-9064	283	128	denotes	denote	NOUN
ajfa-9064	283	129	change	change	VERB
ajfa-9064	283	130	in	in	ADP
ajfa-9064	283	131	research	research	NOUN
ajfa-9064	283	132	and	and	CCONJ
ajfa-9064	283	133	development	development	NOUN
ajfa-9064	283	134	expense	expense	NOUN
ajfa-9064	283	135	divided	divide	VERB
ajfa-9064	283	136	by	by	ADP
ajfa-9064	283	137	market	market	NOUN
ajfa-9064	283	138	value	value	NOUN
ajfa-9064	283	139	of	of	ADP
ajfa-9064	283	140	the	the	DET
ajfa-9064	283	141	previous	previous	ADJ
ajfa-9064	283	142	period	period	NOUN
ajfa-9064	283	143	;	;	PUNCT
ajfa-9064	283	144	∆𝐼𝑡denotes	∆𝐼𝑡denote	VERB
ajfa-9064	283	145	change	change	VERB
ajfa-9064	283	146	in	in	ADP
ajfa-9064	283	147	interest	interest	NOUN
ajfa-9064	283	148	expense	expense	NOUN
ajfa-9064	283	149	divided	divide	VERB
ajfa-9064	283	150	by	by	ADP
ajfa-9064	283	151	market	market	NOUN
ajfa-9064	283	152	value	value	NOUN
ajfa-9064	283	153	of	of	ADP
ajfa-9064	283	154	the	the	DET
ajfa-9064	283	155	previous	previous	ADJ
ajfa-9064	283	156	period	period	NOUN
ajfa-9064	283	157	;	;	PUNCT
ajfa-9064	283	158	∆𝐷𝑡	∆𝐷𝑡	DET
ajfa-9064	283	159	denotes	denote	NOUN
ajfa-9064	283	160	change	change	VERB
ajfa-9064	283	161	in	in	ADP
ajfa-9064	283	162	dividends	dividend	NOUN
ajfa-9064	283	163	on	on	ADP
ajfa-9064	283	164	common	common	ADJ
ajfa-9064	283	165	shares	share	NOUN
ajfa-9064	283	166	divided	divide	VERB
ajfa-9064	283	167	by	by	ADP
ajfa-9064	283	168	market	market	NOUN
ajfa-9064	283	169	value	value	NOUN
ajfa-9064	283	170	of	of	ADP
ajfa-9064	283	171	the	the	DET
ajfa-9064	283	172	previous	previous	ADJ
ajfa-9064	283	173	period	period	NOUN
ajfa-9064	283	174	;	;	PUNCT
ajfa-9064	283	175	𝐶𝑡−1	𝐶𝑡−1	PROPN
ajfa-9064	283	176	denotes	denote	VERB
ajfa-9064	283	177	the	the	DET
ajfa-9064	283	178	sum	sum	NOUN
ajfa-9064	283	179	of	of	ADP
ajfa-9064	283	180	cash	cash	NOUN
ajfa-9064	283	181	and	and	CCONJ
ajfa-9064	283	182	cash	cash	NOUN
ajfa-9064	283	183	equivalent	equivalent	ADJ
ajfa-9064	283	184	over	over	ADP
ajfa-9064	283	185	yeart-1	yeart-1	NUM
ajfa-9064	283	186	;	;	PUNCT
ajfa-9064	283	187	𝐿𝑡	𝐿𝑡	VERB
ajfa-9064	283	188	denotes	denote	NOUN
ajfa-9064	283	189	total	total	ADJ
ajfa-9064	283	190	debt	debt	NOUN
ajfa-9064	283	191	divided	divide	VERB
ajfa-9064	283	192	by	by	ADP
ajfa-9064	283	193	the	the	DET
ajfa-9064	283	194	sum	sum	NOUN
ajfa-9064	283	195	of	of	ADP
ajfa-9064	283	196	market	market	NOUN
ajfa-9064	283	197	value	value	NOUN
ajfa-9064	283	198	of	of	ADP
ajfa-9064	283	199	equity	equity	NOUN
ajfa-9064	283	200	and	and	CCONJ
ajfa-9064	283	201	total	total	ADJ
ajfa-9064	283	202	debt	debt	NOUN
ajfa-9064	283	203	;	;	PUNCT
ajfa-9064	283	204	𝑁𝐹𝑡	𝑁𝐹𝑡	NOUN
ajfa-9064	283	205	denotes	denote	VERB
ajfa-9064	283	206	the	the	DET
ajfa-9064	283	207	total	total	ADJ
ajfa-9064	283	208	equity	equity	NOUN
ajfa-9064	283	209	issuance	issuance	NOUN
ajfa-9064	283	210	minus	minus	ADP
ajfa-9064	283	211	repurchases	repurchase	NOUN
ajfa-9064	283	212	plus	plus	CCONJ
ajfa-9064	283	213	debt	debt	NOUN
ajfa-9064	283	214	issuance	issuance	NOUN
ajfa-9064	283	215	minus	minus	ADP
ajfa-9064	283	216	debt	debt	NOUN
ajfa-9064	283	217	redemption	redemption	NOUN
ajfa-9064	283	218	.	.	PUNCT
ajfa-9064	284	1	in	in	ADP
ajfa-9064	284	2	table	table	NOUN
ajfa-9064	284	3	5	5	NUM
ajfa-9064	284	4	,	,	PUNCT
ajfa-9064	284	5	regression	regression	NOUN
ajfa-9064	284	6	equation	equation	NOUN
ajfa-9064	284	7	(	(	PUNCT
ajfa-9064	284	8	1	1	X
ajfa-9064	284	9	)	)	PUNCT
ajfa-9064	284	10	first	first	ADV
ajfa-9064	284	11	tests	test	VERB
ajfa-9064	284	12	the	the	DET
ajfa-9064	284	13	effect	effect	NOUN
ajfa-9064	284	14	of	of	ADP
ajfa-9064	284	15	setting	set	VERB
ajfa-9064	284	16	up	up	ADP
ajfa-9064	284	17	an	an	DET
ajfa-9064	284	18	audit	audit	NOUN
ajfa-9064	284	19	committee	committee	NOUN
ajfa-9064	284	20	among	among	ADP
ajfa-9064	284	21	all	all	DET
ajfa-9064	284	22	the	the	DET
ajfa-9064	284	23	112	112	NUM
ajfa-9064	284	24	firms	firm	NOUN
ajfa-9064	284	25	with	with	ADP
ajfa-9064	284	26	an	an	DET
ajfa-9064	284	27	audit	audit	NOUN
ajfa-9064	284	28	committee	committee	NOUN
ajfa-9064	284	29	during	during	ADP
ajfa-9064	284	30	2007~2010	2007~2010	NUM
ajfa-9064	284	31	.	.	PUNCT
ajfa-9064	285	1	this	this	DET
ajfa-9064	285	2	test	test	NOUN
ajfa-9064	285	3	is	be	AUX
ajfa-9064	285	4	intended	intend	VERB
ajfa-9064	285	5	to	to	PART
ajfa-9064	285	6	find	find	VERB
ajfa-9064	285	7	if	if	SCONJ
ajfa-9064	285	8	an	an	DET
ajfa-9064	285	9	additional	additional	ADJ
ajfa-9064	285	10	dollar	dollar	NOUN
ajfa-9064	285	11	held	hold	VERB
ajfa-9064	285	12	can	can	AUX
ajfa-9064	285	13	create	create	VERB
ajfa-9064	285	14	a	a	DET
ajfa-9064	285	15	value	value	NOUN
ajfa-9064	285	16	higher	high	ADJ
ajfa-9064	285	17	than	than	ADP
ajfa-9064	285	18	a	a	DET
ajfa-9064	285	19	dollar	dollar	NOUN
ajfa-9064	285	20	in	in	ADP
ajfa-9064	285	21	the	the	DET
ajfa-9064	285	22	presence	presence	NOUN
ajfa-9064	285	23	of	of	ADP
ajfa-9064	285	24	an	an	DET
ajfa-9064	285	25	audit	audit	NOUN
ajfa-9064	285	26	committee	committee	NOUN
ajfa-9064	285	27	.	.	PUNCT
ajfa-9064	286	1	in	in	ADP
ajfa-9064	286	2	other	other	ADJ
ajfa-9064	286	3	words	word	NOUN
ajfa-9064	286	4	,	,	PUNCT
ajfa-9064	286	5	it	it	PRON
ajfa-9064	286	6	is	be	AUX
ajfa-9064	286	7	to	to	PART
ajfa-9064	286	8	test	test	VERB
ajfa-9064	286	9	the	the	DET
ajfa-9064	286	10	use	use	NOUN
ajfa-9064	286	11	efficiency	efficiency	NOUN
ajfa-9064	286	12	of	of	ADP
ajfa-9064	286	13	cash	cash	NOUN
ajfa-9064	286	14	holdings	holding	NOUN
ajfa-9064	286	15	.	.	PUNCT
ajfa-9064	287	1	it	it	PRON
ajfa-9064	287	2	should	should	AUX
ajfa-9064	287	3	be	be	AUX
ajfa-9064	287	4	noted	note	VERB
ajfa-9064	287	5	in	in	ADP
ajfa-9064	287	6	table	table	NOUN
ajfa-9064	287	7	5	5	NUM
ajfa-9064	287	8	that	that	SCONJ
ajfa-9064	287	9	among	among	ADP
ajfa-9064	287	10	all	all	DET
ajfa-9064	287	11	the	the	DET
ajfa-9064	287	12	sample	sample	NOUN
ajfa-9064	287	13	firms	firm	NOUN
ajfa-9064	287	14	,	,	PUNCT
ajfa-9064	287	15	the	the	DET
ajfa-9064	287	16	product	product	NOUN
ajfa-9064	287	17	term	term	NOUN
ajfa-9064	287	18	of	of	ADP
ajfa-9064	287	19	change	change	NOUN
ajfa-9064	287	20	in	in	ADP
ajfa-9064	287	21	cash	cash	NOUN
ajfa-9064	287	22	and	and	CCONJ
ajfa-9064	287	23	post	post	ADJ
ajfa-9064	287	24	-	-	ADJ
ajfa-9064	287	25	establishment	establishment	ADJ
ajfa-9064	287	26	(	(	PUNCT
ajfa-9064	287	27	∆ct*𝑃𝑂𝑆𝑇t	∆ct*𝑃𝑂𝑆𝑇t	NOUN
ajfa-9064	287	28	)	)	PUNCT
ajfa-9064	287	29	is	be	AUX
ajfa-9064	287	30	positively	positively	ADV
ajfa-9064	287	31	related	relate	VERB
ajfa-9064	287	32	to	to	ADP
ajfa-9064	287	33	abnormal	abnormal	ADJ
ajfa-9064	287	34	return	return	NOUN
ajfa-9064	287	35	(	(	PUNCT
ajfa-9064	287	36	𝑟𝑖,𝑡	𝑟𝑖,𝑡	VERB
ajfa-9064	287	37	−	−	ADP
ajfa-9064	287	38	𝑅𝑖,𝑡	𝑅𝑖,𝑡	PROPN
ajfa-9064	287	39	𝐵	𝐵	NOUN
ajfa-9064	287	40	)	)	PUNCT
ajfa-9064	287	41	.	.	PUNCT
ajfa-9064	288	1	the	the	DET
ajfa-9064	288	2	coefficient	coefficient	NOUN
ajfa-9064	288	3	is	be	AUX
ajfa-9064	288	4	2.034	2.034	NUM
ajfa-9064	288	5	and	and	CCONJ
ajfa-9064	288	6	p	p	NOUN
ajfa-9064	288	7	-	-	PUNCT
ajfa-9064	288	8	value=0.182	value=0.182	NOUN
ajfa-9064	288	9	.	.	PUNCT
ajfa-9064	289	1	the	the	DET
ajfa-9064	289	2	coefficient	coefficient	NOUN
ajfa-9064	289	3	is	be	AUX
ajfa-9064	289	4	not	not	PART
ajfa-9064	289	5	significant	significant	ADJ
ajfa-9064	289	6	.	.	PUNCT
ajfa-9064	290	1	this	this	PRON
ajfa-9064	290	2	explains	explain	VERB
ajfa-9064	290	3	that	that	SCONJ
ajfa-9064	290	4	among	among	ADP
ajfa-9064	290	5	firms	firm	NOUN
ajfa-9064	290	6	with	with	ADP
ajfa-9064	290	7	an	an	DET
ajfa-9064	290	8	audit	audit	NOUN
ajfa-9064	290	9	committee	committee	NOUN
ajfa-9064	290	10	,	,	PUNCT
ajfa-9064	290	11	there	there	PRON
ajfa-9064	290	12	has	have	AUX
ajfa-9064	290	13	not	not	PART
ajfa-9064	290	14	been	be	AUX
ajfa-9064	290	15	a	a	DET
ajfa-9064	290	16	significant	significant	ADJ
ajfa-9064	290	17	increase	increase	NOUN
ajfa-9064	290	18	in	in	ADP
ajfa-9064	290	19	the	the	DET
ajfa-9064	290	20	marginal	marginal	ADJ
ajfa-9064	290	21	value	value	NOUN
ajfa-9064	290	22	of	of	ADP
ajfa-9064	290	23	one	one	NUM
ajfa-9064	290	24	dollar	dollar	NOUN
ajfa-9064	290	25	cash	cash	NOUN
ajfa-9064	290	26	since	since	SCONJ
ajfa-9064	290	27	an	an	DET
ajfa-9064	290	28	audit	audit	NOUN
ajfa-9064	290	29	committee	committee	NOUN
ajfa-9064	290	30	was	be	AUX
ajfa-9064	290	31	established	establish	VERB
ajfa-9064	290	32	.	.	PUNCT
ajfa-9064	291	1	to	to	PART
ajfa-9064	291	2	control	control	VERB
ajfa-9064	291	3	the	the	DET
ajfa-9064	291	4	effect	effect	NOUN
ajfa-9064	291	5	of	of	ADP
ajfa-9064	291	6	common	common	ADJ
ajfa-9064	291	7	temporal	temporal	ADJ
ajfa-9064	291	8	trends	trend	NOUN
ajfa-9064	291	9	on	on	ADP
ajfa-9064	291	10	the	the	DET
ajfa-9064	291	11	value	value	NOUN
ajfa-9064	291	12	of	of	ADP
ajfa-9064	291	13	cash	cash	NOUN
ajfa-9064	291	14	holdings	holding	NOUN
ajfa-9064	291	15	,	,	PUNCT
ajfa-9064	291	16	we	we	PRON
ajfa-9064	291	17	build	build	VERB
ajfa-9064	291	18	a	a	DET
ajfa-9064	291	19	sample	sample	NOUN
ajfa-9064	291	20	of	of	ADP
ajfa-9064	291	21	firms	firm	NOUN
ajfa-9064	291	22	without	without	ADP
ajfa-9064	291	23	an	an	DET
ajfa-9064	291	24	audit	audit	NOUN
ajfa-9064	291	25	committee	committee	NOUN
ajfa-9064	291	26	to	to	PART
ajfa-9064	291	27	pair	pair	VERB
ajfa-9064	291	28	with	with	ADP
ajfa-9064	291	29	firms	firm	NOUN
ajfa-9064	291	30	with	with	ADP
ajfa-9064	291	31	an	an	DET
ajfa-9064	291	32	audit	audit	NOUN
ajfa-9064	291	33	committee	committee	NOUN
ajfa-9064	291	34	(	(	PUNCT
ajfa-9064	291	35	treatment	treatment	NOUN
ajfa-9064	291	36	group	group	NOUN
ajfa-9064	291	37	)	)	PUNCT
ajfa-9064	291	38	.	.	PUNCT
ajfa-9064	292	1	the	the	DET
ajfa-9064	292	2	firms	firm	NOUN
ajfa-9064	292	3	in	in	ADP
ajfa-9064	292	4	this	this	DET
ajfa-9064	292	5	paired	pair	VERB
ajfa-9064	292	6	sample	sample	NOUN
ajfa-9064	292	7	are	be	AUX
ajfa-9064	292	8	selected	select	VERB
ajfa-9064	292	9	by	by	ADP
ajfa-9064	292	10	industry	industry	NOUN
ajfa-9064	292	11	,	,	PUNCT
ajfa-9064	292	12	market	market	NOUN
ajfa-9064	292	13	,	,	PUNCT
ajfa-9064	292	14	year	year	NOUN
ajfa-9064	292	15	,	,	PUNCT
ajfa-9064	292	16	and	and	CCONJ
ajfa-9064	292	17	market	market	NOUN
ajfa-9064	292	18	value	value	NOUN
ajfa-9064	292	19	.	.	PUNCT
ajfa-9064	293	1	this	this	DET
ajfa-9064	293	2	paired	pair	VERB
ajfa-9064	293	3	sample	sample	NOUN
ajfa-9064	293	4	is	be	AUX
ajfa-9064	293	5	then	then	ADV
ajfa-9064	293	6	used	use	VERB
ajfa-9064	293	7	as	as	ADP
ajfa-9064	293	8	the	the	DET
ajfa-9064	293	9	control	control	NOUN
ajfa-9064	293	10	group	group	NOUN
ajfa-9064	293	11	.	.	PUNCT
ajfa-9064	294	1	each	each	DET
ajfa-9064	294	2	group	group	NOUN
ajfa-9064	294	3	consists	consist	VERB
ajfa-9064	294	4	of	of	ADP
ajfa-9064	294	5	112	112	NUM
ajfa-9064	294	6	firms	firm	NOUN
ajfa-9064	294	7	.	.	PUNCT
ajfa-9064	295	1	using	use	VERB
ajfa-9064	295	2	did	do	AUX
ajfa-9064	295	3	method	method	NOUN
ajfa-9064	295	4	,	,	PUNCT
ajfa-9064	295	5	we	we	PRON
ajfa-9064	295	6	evaluate	evaluate	VERB
ajfa-9064	295	7	the	the	DET
ajfa-9064	295	8	effect	effect	NOUN
ajfa-9064	295	9	of	of	ADP
ajfa-9064	295	10	the	the	DET
ajfa-9064	295	11	policy	policy	NOUN
ajfa-9064	295	12	of	of	ADP
ajfa-9064	295	13	audit	audit	NOUN
ajfa-9064	295	14	committee	committee	NOUN
ajfa-9064	295	15	establishment	establishment	NOUN
ajfa-9064	295	16	on	on	ADP
ajfa-9064	295	17	the	the	DET
ajfa-9064	295	18	value	value	NOUN
ajfa-9064	295	19	of	of	ADP
ajfa-9064	295	20	cash	cash	NOUN
ajfa-9064	295	21	holdings	holding	NOUN
ajfa-9064	295	22	.	.	PUNCT
ajfa-9064	296	1	the	the	DET
ajfa-9064	296	2	result	result	NOUN
ajfa-9064	296	3	of	of	ADP
ajfa-9064	296	4	regression	regression	NOUN
ajfa-9064	296	5	equation	equation	NOUN
ajfa-9064	296	6	(	(	PUNCT
ajfa-9064	296	7	2	2	X
ajfa-9064	296	8	)	)	PUNCT
ajfa-9064	296	9	shows	show	VERB
ajfa-9064	296	10	that	that	SCONJ
ajfa-9064	296	11	the	the	DET
ajfa-9064	296	12	product	product	NOUN
ajfa-9064	296	13	term	term	NOUN
ajfa-9064	296	14	of	of	ADP
ajfa-9064	296	15	change	change	NOUN
ajfa-9064	296	16	in	in	ADP
ajfa-9064	296	17	cash	cash	NOUN
ajfa-9064	296	18	,	,	PUNCT
ajfa-9064	296	19	presence	presence	NOUN
ajfa-9064	296	20	of	of	ADP
ajfa-9064	296	21	an	an	DET
ajfa-9064	296	22	audit	audit	NOUN
ajfa-9064	296	23	committee	committee	NOUN
ajfa-9064	296	24	,	,	PUNCT
ajfa-9064	296	25	and	and	CCONJ
ajfa-9064	296	26	post	post	ADJ
ajfa-9064	296	27	-	-	ADJ
ajfa-9064	296	28	establishment	establishment	NOUN
ajfa-9064	296	29	of	of	ADP
ajfa-9064	296	30	variable	variable	ADJ
ajfa-9064	296	31	1	1	NUM
ajfa-9064	296	32	0.217	0.217	NUM
ajfa-9064	296	33	*	*	PUNCT
ajfa-9064	296	34	*	*	PUNCT
ajfa-9064	296	35	*	*	SYM
ajfa-9064	296	36	1	1	NUM
ajfa-9064	296	37	-0.088	-0.088	NUM
ajfa-9064	296	38	-0.108	-0.108	PROPN
ajfa-9064	296	39	1	1	NUM
ajfa-9064	296	40	0.029	0.029	NUM
ajfa-9064	296	41	0.013	0.013	NUM
ajfa-9064	296	42	0	0	NUM
ajfa-9064	296	43	1	1	NUM
ajfa-9064	296	44	0.293	0.293	NUM
ajfa-9064	296	45	*	*	PUNCT
ajfa-9064	296	46	*	*	PUNCT
ajfa-9064	296	47	*	*	PUNCT
ajfa-9064	296	48	-0.188	-0.188	PUNCT
ajfa-9064	296	49	*	*	PUNCT
ajfa-9064	296	50	*	*	PUNCT
ajfa-9064	297	1	-0.024	-0.024	PUNCT
ajfa-9064	297	2	-0.001	-0.001	VERB
ajfa-9064	297	3	1	1	NUM
ajfa-9064	297	4	0.253	0.253	NUM
ajfa-9064	297	5	*	*	PUNCT
ajfa-9064	297	6	*	*	PUNCT
ajfa-9064	297	7	*	*	PUNCT
ajfa-9064	297	8	-0.167	-0.167	PROPN
ajfa-9064	297	9	*	*	PUNCT
ajfa-9064	297	10	-0.015	-0.015	PROPN
ajfa-9064	297	11	0.032	0.032	NUM
ajfa-9064	297	12	0.407	0.407	NUM
ajfa-9064	297	13	*	*	PUNCT
ajfa-9064	297	14	*	*	PUNCT
ajfa-9064	297	15	*	*	PUNCT
ajfa-9064	298	1	1	1	NUM
ajfa-9064	298	2	0.119	0.119	NUM
ajfa-9064	298	3	0.178	0.178	NUM
ajfa-9064	298	4	*	*	PUNCT
ajfa-9064	298	5	*	*	PUNCT
ajfa-9064	298	6	-0.042	-0.042	PUNCT
ajfa-9064	298	7	-0.042	-0.042	X
ajfa-9064	298	8	0.030	0.030	NUM
ajfa-9064	298	9	0.461	0.461	NUM
ajfa-9064	298	10	*	*	PUNCT
ajfa-9064	298	11	*	*	PUNCT
ajfa-9064	298	12	*	*	PUNCT
ajfa-9064	298	13	1	1	NUM
ajfa-9064	298	14	-0.142	-0.142	NOUN
ajfa-9064	298	15	*	*	NOUN
ajfa-9064	298	16	0.071	0.071	NUM
ajfa-9064	298	17	-0.011	-0.011	NUM
ajfa-9064	298	18	0.044	0.044	NUM
ajfa-9064	298	19	-0.255	-0.255	NOUN
ajfa-9064	298	20	*	*	PUNCT
ajfa-9064	298	21	*	*	PUNCT
ajfa-9064	298	22	*	*	PUNCT
ajfa-9064	298	23	-0.026	-0.026	X
ajfa-9064	298	24	-0.061	-0.061	NOUN
ajfa-9064	298	25	1	1	NUM
ajfa-9064	298	26	0.426	0.426	NUM
ajfa-9064	298	27	*	*	PUNCT
ajfa-9064	298	28	*	*	PUNCT
ajfa-9064	298	29	*	*	PUNCT
ajfa-9064	298	30	0.112	0.112	NUM
ajfa-9064	298	31	-0.013	-0.013	PUNCT
ajfa-9064	298	32	0.019	0.019	NUM
ajfa-9064	298	33	0.480	0.480	NUM
ajfa-9064	298	34	*	*	PUNCT
ajfa-9064	298	35	*	*	PUNCT
ajfa-9064	298	36	*	*	PUNCT
ajfa-9064	298	37	0.325	0.325	NUM
ajfa-9064	298	38	*	*	PUNCT
ajfa-9064	298	39	*	*	PUNCT
ajfa-9064	298	40	*	*	PUNCT
ajfa-9064	299	1	-0.140	-0.140	ADJ
ajfa-9064	299	2	*	*	PUNCT
ajfa-9064	299	3	-0.149	-0.149	PUNCT
ajfa-9064	299	4	*	*	SYM
ajfa-9064	299	5	1	1	NUM
ajfa-9064	299	6	-0.121	-0.121	NOUN
ajfa-9064	299	7	-0.597	-0.597	NOUN
ajfa-9064	299	8	*	*	PUNCT
ajfa-9064	299	9	*	*	PUNCT
ajfa-9064	299	10	*	*	PUNCT
ajfa-9064	299	11	0.141	0.141	NUM
ajfa-9064	299	12	*	*	PUNCT
ajfa-9064	299	13	0.012	0.012	NUM
ajfa-9064	299	14	0.268	0.268	NUM
ajfa-9064	299	15	*	*	PUNCT
ajfa-9064	299	16	*	*	PUNCT
ajfa-9064	299	17	*	*	PUNCT
ajfa-9064	299	18	0.175	0.175	NUM
ajfa-9064	299	19	*	*	PUNCT
ajfa-9064	299	20	*	*	PUNCT
ajfa-9064	299	21	-0.096	-0.096	PUNCT
ajfa-9064	299	22	-0.181	-0.181	PUNCT
ajfa-9064	299	23	*	*	PUNCT
ajfa-9064	299	24	*	*	PUNCT
ajfa-9064	299	25	0.074	0.074	NUM
ajfa-9064	299	26	1	1	NUM
ajfa-9064	299	27	-0.181	-0.181	PUNCT
ajfa-9064	299	28	*	*	PUNCT
ajfa-9064	300	1	*	*	PUNCT
ajfa-9064	300	2	0.061	0.061	NUM
ajfa-9064	300	3	0.017	0.017	NUM
ajfa-9064	300	4	-0.062	-0.062	NUM
ajfa-9064	301	1	-0.190	-0.190	PROPN
ajfa-9064	301	2	*	*	PUNCT
ajfa-9064	301	3	*	*	PUNCT
ajfa-9064	301	4	-0.090	-0.090	PUNCT
ajfa-9064	301	5	-0.041	-0.041	PUNCT
ajfa-9064	301	6	0.045	0.045	NUM
ajfa-9064	301	7	-0.212	-0.212	NOUN
ajfa-9064	301	8	*	*	PUNCT
ajfa-9064	301	9	*	*	PUNCT
ajfa-9064	301	10	-0.049	-0.049	PUNCT
ajfa-9064	301	11	1	1	NUM
ajfa-9064	301	12	0.06	0.06	NUM
ajfa-9064	301	13	0.140	0.140	NUM
ajfa-9064	301	14	*	*	PUNCT
ajfa-9064	301	15	-0.01	-0.01	NUM
ajfa-9064	301	16	0.039	0.039	NUM
ajfa-9064	301	17	0.036	0.036	NUM
ajfa-9064	301	18	0.266	0.266	NUM
ajfa-9064	301	19	*	*	PUNCT
ajfa-9064	301	20	*	*	PUNCT
ajfa-9064	301	21	*	*	PUNCT
ajfa-9064	301	22	-0.079	-0.079	PUNCT
ajfa-9064	301	23	0.015	0.015	NUM
ajfa-9064	301	24	0.187	0.187	NUM
ajfa-9064	301	25	*	*	NOUN
ajfa-9064	301	26	*	*	PUNCT
ajfa-9064	301	27	-0.028	-0.028	ADJ
ajfa-9064	301	28	-0.014	-0.014	NOUN
ajfa-9064	301	29	1	1	NUM
ajfa-9064	301	30	asian	asian	ADJ
ajfa-9064	301	31	journal	journal	NOUN
ajfa-9064	301	32	of	of	ADP
ajfa-9064	301	33	finance	finance	PROPN
ajfa-9064	301	34	&	&	CCONJ
ajfa-9064	301	35	accounting	accounting	PROPN
ajfa-9064	301	36	issn	issn	PROPN
ajfa-9064	301	37	1946	1946	NUM
ajfa-9064	301	38	-	-	PUNCT
ajfa-9064	301	39	052x	052x	PROPN
ajfa-9064	301	40	2016	2016	NUM
ajfa-9064	301	41	,	,	PUNCT
ajfa-9064	301	42	vol	vol	NOUN
ajfa-9064	301	43	.	.	PROPN
ajfa-9064	301	44	8	8	NUM
ajfa-9064	301	45	,	,	PUNCT
ajfa-9064	301	46	no	no	INTJ
ajfa-9064	301	47	.	.	NOUN
ajfa-9064	301	48	1	1	NUM
ajfa-9064	301	49	ajfa.macrothink.org	ajfa.macrothink.org	PROPN
ajfa-9064	301	50	117	117	NUM
ajfa-9064	301	51	an	an	DET
ajfa-9064	301	52	audit	audit	NOUN
ajfa-9064	301	53	committee	committee	NOUN
ajfa-9064	301	54	(	(	PUNCT
ajfa-9064	301	55	∆𝐶𝑡*𝐴𝐶𝑡*𝑃𝑂𝑆𝑇𝑡	∆𝐶𝑡*𝐴𝐶𝑡*𝑃𝑂𝑆𝑇𝑡	PROPN
ajfa-9064	301	56	)	)	PUNCT
ajfa-9064	301	57	is	be	AUX
ajfa-9064	301	58	positively	positively	ADV
ajfa-9064	301	59	related	relate	VERB
ajfa-9064	301	60	to	to	ADP
ajfa-9064	301	61	abnormal	abnormal	ADJ
ajfa-9064	301	62	return	return	NOUN
ajfa-9064	301	63	(	(	PUNCT
ajfa-9064	301	64	𝑟𝑖,𝑡	𝑟𝑖,𝑡	VERB
ajfa-9064	302	1	−	−	ADP
ajfa-9064	302	2	𝑅𝑖,𝑡	𝑅𝑖,𝑡	PROPN
ajfa-9064	302	3	𝐵	𝐵	NOUN
ajfa-9064	302	4	)	)	PUNCT
ajfa-9064	302	5	.	.	PUNCT
ajfa-9064	303	1	the	the	DET
ajfa-9064	303	2	coefficient	coefficient	NOUN
ajfa-9064	303	3	is	be	AUX
ajfa-9064	303	4	0.264	0.264	NUM
ajfa-9064	303	5	,	,	PUNCT
ajfa-9064	303	6	and	and	CCONJ
ajfa-9064	303	7	p	p	X
ajfa-9064	303	8	-	-	PUNCT
ajfa-9064	303	9	value	value	NOUN
ajfa-9064	303	10	is	be	AUX
ajfa-9064	303	11	0.891	0.891	NUM
ajfa-9064	303	12	.	.	PUNCT
ajfa-9064	304	1	the	the	DET
ajfa-9064	304	2	coefficient	coefficient	NOUN
ajfa-9064	304	3	is	be	AUX
ajfa-9064	304	4	not	not	PART
ajfa-9064	304	5	significant	significant	ADJ
ajfa-9064	304	6	.	.	PUNCT
ajfa-9064	305	1	findings	finding	NOUN
ajfa-9064	305	2	from	from	ADP
ajfa-9064	305	3	regression	regression	NOUN
ajfa-9064	305	4	equations	equation	NOUN
ajfa-9064	305	5	(	(	PUNCT
ajfa-9064	305	6	1	1	X
ajfa-9064	305	7	)	)	PUNCT
ajfa-9064	305	8	which	which	PRON
ajfa-9064	305	9	tests	test	VERB
ajfa-9064	305	10	the	the	DET
ajfa-9064	305	11	effect	effect	NOUN
ajfa-9064	305	12	of	of	ADP
ajfa-9064	305	13	an	an	DET
ajfa-9064	305	14	audit	audit	NOUN
ajfa-9064	305	15	committee	committee	NOUN
ajfa-9064	305	16	on	on	ADP
ajfa-9064	305	17	the	the	DET
ajfa-9064	305	18	value	value	NOUN
ajfa-9064	305	19	of	of	ADP
ajfa-9064	305	20	cash	cash	NOUN
ajfa-9064	305	21	holdings	holding	NOUN
ajfa-9064	305	22	for	for	ADP
ajfa-9064	305	23	firms	firm	NOUN
ajfa-9064	305	24	without	without	ADP
ajfa-9064	305	25	an	an	DET
ajfa-9064	305	26	audit	audit	NOUN
ajfa-9064	305	27	committee	committee	NOUN
ajfa-9064	305	28	and	and	CCONJ
ajfa-9064	305	29	regression	regression	NOUN
ajfa-9064	305	30	equation	equation	NOUN
ajfa-9064	305	31	(	(	PUNCT
ajfa-9064	305	32	2	2	NUM
ajfa-9064	305	33	)	)	PUNCT
ajfa-9064	305	34	where	where	SCONJ
ajfa-9064	305	35	the	the	DET
ajfa-9064	305	36	effect	effect	NOUN
ajfa-9064	305	37	of	of	ADP
ajfa-9064	305	38	temporal	temporal	ADJ
ajfa-9064	305	39	trends	trend	NOUN
ajfa-9064	305	40	is	be	AUX
ajfa-9064	305	41	controlled	control	VERB
ajfa-9064	305	42	all	all	PRON
ajfa-9064	305	43	suggest	suggest	VERB
ajfa-9064	305	44	that	that	SCONJ
ajfa-9064	305	45	setting	set	VERB
ajfa-9064	305	46	up	up	ADP
ajfa-9064	305	47	an	an	DET
ajfa-9064	305	48	audit	audit	NOUN
ajfa-9064	305	49	committee	committee	NOUN
ajfa-9064	305	50	can	can	AUX
ajfa-9064	305	51	not	not	PART
ajfa-9064	305	52	lead	lead	VERB
ajfa-9064	305	53	to	to	ADP
ajfa-9064	305	54	a	a	DET
ajfa-9064	305	55	significant	significant	ADJ
ajfa-9064	305	56	increase	increase	NOUN
ajfa-9064	305	57	in	in	ADP
ajfa-9064	305	58	the	the	DET
ajfa-9064	305	59	value	value	NOUN
ajfa-9064	305	60	of	of	ADP
ajfa-9064	305	61	cash	cash	NOUN
ajfa-9064	305	62	holdings	holding	NOUN
ajfa-9064	305	63	and	and	CCONJ
ajfa-9064	305	64	a	a	DET
ajfa-9064	305	65	reduction	reduction	NOUN
ajfa-9064	305	66	of	of	ADP
ajfa-9064	305	67	agency	agency	NOUN
ajfa-9064	305	68	costs	cost	NOUN
ajfa-9064	305	69	.	.	PUNCT
ajfa-9064	306	1	hence	hence	ADV
ajfa-9064	306	2	,	,	PUNCT
ajfa-9064	306	3	h1	h1	PROPN
ajfa-9064	306	4	is	be	AUX
ajfa-9064	306	5	not	not	PART
ajfa-9064	306	6	supported	support	VERB
ajfa-9064	306	7	.	.	PUNCT
ajfa-9064	307	1	in	in	ADP
ajfa-9064	307	2	further	further	ADJ
ajfa-9064	307	3	observation	observation	NOUN
ajfa-9064	307	4	of	of	ADP
ajfa-9064	307	5	the	the	DET
ajfa-9064	307	6	relations	relation	NOUN
ajfa-9064	307	7	between	between	ADP
ajfa-9064	307	8	other	other	ADJ
ajfa-9064	307	9	control	control	NOUN
ajfa-9064	307	10	variables	variable	NOUN
ajfa-9064	307	11	and	and	CCONJ
ajfa-9064	307	12	abnormal	abnormal	ADJ
ajfa-9064	307	13	return	return	NOUN
ajfa-9064	307	14	(	(	PUNCT
ajfa-9064	307	15	𝑟𝑖,𝑡	𝑟𝑖,𝑡	VERB
ajfa-9064	307	16	−	−	ADP
ajfa-9064	307	17	𝑅𝑖,𝑡	𝑅𝑖,𝑡	PROPN
ajfa-9064	307	18	𝐵	𝐵	NOUN
ajfa-9064	307	19	)	)	PUNCT
ajfa-9064	307	20	in	in	ADP
ajfa-9064	307	21	equation	equation	NOUN
ajfa-9064	307	22	(	(	PUNCT
ajfa-9064	307	23	1	1	NUM
ajfa-9064	307	24	)	)	PUNCT
ajfa-9064	307	25	and	and	CCONJ
ajfa-9064	307	26	equation	equation	NOUN
ajfa-9064	307	27	(	(	PUNCT
ajfa-9064	307	28	2),we	2),we	PRON
ajfa-9064	307	29	find	find	VERB
ajfa-9064	307	30	that	that	SCONJ
ajfa-9064	307	31	the	the	DET
ajfa-9064	307	32	coefficients	coefficient	NOUN
ajfa-9064	307	33	on	on	ADP
ajfa-9064	307	34	∆𝑁𝐴𝑡are	∆𝑁𝐴𝑡are	NOUN
ajfa-9064	307	35	0.757	0.757	NUM
ajfa-9064	307	36	with	with	ADP
ajfa-9064	307	37	p	p	NOUN
ajfa-9064	307	38	-	-	PUNCT
ajfa-9064	307	39	value=0.005	value=0.005	NOUN
ajfa-9064	307	40	and	and	CCONJ
ajfa-9064	307	41	0.355	0.355	NUM
ajfa-9064	307	42	with	with	ADP
ajfa-9064	307	43	p	p	NOUN
ajfa-9064	307	44	-	-	PUNCT
ajfa-9064	307	45	value=0.033	value=0.033	NUM
ajfa-9064	307	46	respectively	respectively	ADV
ajfa-9064	307	47	;	;	PUNCT
ajfa-9064	307	48	the	the	DET
ajfa-9064	307	49	coefficients	coefficient	NOUN
ajfa-9064	307	50	on	on	ADP
ajfa-9064	307	51	∆𝐷𝑡are	∆𝐷𝑡are	NOUN
ajfa-9064	307	52	8.135	8.135	NUM
ajfa-9064	307	53	with	with	ADP
ajfa-9064	307	54	p	p	NOUN
ajfa-9064	307	55	-	-	PUNCT
ajfa-9064	307	56	value<0.000	value<0.000	NOUN
ajfa-9064	307	57	and	and	CCONJ
ajfa-9064	307	58	6.334	6.334	NUM
ajfa-9064	307	59	with	with	ADP
ajfa-9064	307	60	p	p	NOUN
ajfa-9064	307	61	-	-	PUNCT
ajfa-9064	307	62	value<0.000	value<0.000	NOUN
ajfa-9064	307	63	.	.	PUNCT
ajfa-9064	308	1	in	in	ADP
ajfa-9064	308	2	other	other	ADJ
ajfa-9064	308	3	words	word	NOUN
ajfa-9064	308	4	,	,	PUNCT
ajfa-9064	308	5	both	both	PRON
ajfa-9064	308	6	change	change	VERB
ajfa-9064	308	7	in	in	ADP
ajfa-9064	308	8	assets	asset	NOUN
ajfa-9064	308	9	minus	minus	CCONJ
ajfa-9064	308	10	cash	cash	NOUN
ajfa-9064	308	11	and	and	CCONJ
ajfa-9064	308	12	cash	cash	NOUN
ajfa-9064	308	13	equivalents	equivalent	NOUN
ajfa-9064	308	14	and	and	CCONJ
ajfa-9064	308	15	change	change	NOUN
ajfa-9064	308	16	in	in	ADP
ajfa-9064	308	17	dividends	dividend	NOUN
ajfa-9064	308	18	on	on	ADP
ajfa-9064	308	19	common	common	ADJ
ajfa-9064	308	20	shares	share	NOUN
ajfa-9064	308	21	are	be	AUX
ajfa-9064	308	22	positively	positively	ADV
ajfa-9064	308	23	related	relate	VERB
ajfa-9064	308	24	to	to	ADP
ajfa-9064	308	25	abnormal	abnormal	ADJ
ajfa-9064	308	26	return	return	NOUN
ajfa-9064	308	27	to	to	ADP
ajfa-9064	308	28	the	the	DET
ajfa-9064	308	29	level	level	NOUN
ajfa-9064	308	30	of	of	ADP
ajfa-9064	308	31	significance	significance	NOUN
ajfa-9064	308	32	.	.	PUNCT
ajfa-9064	309	1	consistent	consistent	ADJ
ajfa-9064	309	2	results	result	NOUN
ajfa-9064	309	3	are	be	AUX
ajfa-9064	309	4	obtained	obtain	VERB
ajfa-9064	309	5	from	from	ADP
ajfa-9064	309	6	equation	equation	NOUN
ajfa-9064	309	7	(	(	PUNCT
ajfa-9064	309	8	1	1	NUM
ajfa-9064	309	9	)	)	PUNCT
ajfa-9064	309	10	and	and	CCONJ
ajfa-9064	309	11	equation	equation	NOUN
ajfa-9064	309	12	(	(	PUNCT
ajfa-9064	309	13	2	2	NUM
ajfa-9064	309	14	)	)	PUNCT
ajfa-9064	309	15	.	.	PUNCT
ajfa-9064	310	1	the	the	DET
ajfa-9064	310	2	coefficients	coefficient	NOUN
ajfa-9064	310	3	on	on	ADP
ajfa-9064	310	4	∆𝐼𝑡are	∆𝐼𝑡are	PROPN
ajfa-9064	310	5	-56.540	-56.540	VERB
ajfa-9064	310	6	with	with	ADP
ajfa-9064	310	7	p	p	NOUN
ajfa-9064	310	8	-	-	PUNCT
ajfa-9064	310	9	value=0.001	value=0.001	NOUN
ajfa-9064	310	10	and	and	CCONJ
ajfa-9064	310	11	-22.930	-22.930	NOUN
ajfa-9064	310	12	with	with	ADP
ajfa-9064	310	13	p	p	NOUN
ajfa-9064	310	14	-	-	PUNCT
ajfa-9064	310	15	value=0.032	value=0.032	NOUN
ajfa-9064	310	16	;	;	PUNCT
ajfa-9064	310	17	the	the	DET
ajfa-9064	310	18	coefficients	coefficient	NOUN
ajfa-9064	310	19	on	on	ADP
ajfa-9064	310	20	𝐿𝑡	𝐿𝑡	PRON
ajfa-9064	310	21	are	be	AUX
ajfa-9064	310	22	-0.713	-0.713	ADP
ajfa-9064	310	23	with	with	ADP
ajfa-9064	310	24	p	p	NOUN
ajfa-9064	310	25	-	-	PUNCT
ajfa-9064	310	26	value=0.075	value=0.075	NOUN
ajfa-9064	310	27	and	and	CCONJ
ajfa-9064	310	28	-0.732	-0.732	NOUN
ajfa-9064	310	29	with	with	ADP
ajfa-9064	310	30	p	p	NOUN
ajfa-9064	310	31	-	-	PUNCT
ajfa-9064	310	32	value=0.004	value=0.004	X
ajfa-9064	310	33	,	,	PUNCT
ajfa-9064	310	34	suggesting	suggest	VERB
ajfa-9064	310	35	that	that	SCONJ
ajfa-9064	310	36	change	change	NOUN
ajfa-9064	310	37	in	in	ADP
ajfa-9064	310	38	interest	interest	NOUN
ajfa-9064	310	39	expense	expense	NOUN
ajfa-9064	310	40	and	and	CCONJ
ajfa-9064	310	41	leverage	leverage	NOUN
ajfa-9064	310	42	are	be	AUX
ajfa-9064	310	43	negatively	negatively	ADV
ajfa-9064	310	44	related	relate	VERB
ajfa-9064	310	45	to	to	ADP
ajfa-9064	310	46	abnormal	abnormal	ADJ
ajfa-9064	310	47	return	return	NOUN
ajfa-9064	310	48	to	to	ADP
ajfa-9064	310	49	the	the	DET
ajfa-9064	310	50	level	level	NOUN
ajfa-9064	310	51	of	of	ADP
ajfa-9064	310	52	significance	significance	NOUN
ajfa-9064	310	53	.	.	PUNCT
ajfa-9064	311	1	consistent	consistent	ADJ
ajfa-9064	311	2	findings	finding	NOUN
ajfa-9064	311	3	are	be	AUX
ajfa-9064	311	4	obtained	obtain	VERB
ajfa-9064	311	5	from	from	ADP
ajfa-9064	311	6	equation	equation	NOUN
ajfa-9064	311	7	(	(	PUNCT
ajfa-9064	311	8	1	1	NUM
ajfa-9064	311	9	)	)	PUNCT
ajfa-9064	311	10	and	and	CCONJ
ajfa-9064	311	11	equation	equation	NOUN
ajfa-9064	311	12	(	(	PUNCT
ajfa-9064	311	13	2	2	NUM
ajfa-9064	311	14	)	)	PUNCT
ajfa-9064	311	15	.	.	PUNCT
ajfa-9064	312	1	to	to	PART
ajfa-9064	312	2	further	far	ADV
ajfa-9064	312	3	examine	examine	VERB
ajfa-9064	312	4	if	if	SCONJ
ajfa-9064	312	5	the	the	DET
ajfa-9064	312	6	effect	effect	NOUN
ajfa-9064	312	7	of	of	ADP
ajfa-9064	312	8	an	an	DET
ajfa-9064	312	9	audit	audit	NOUN
ajfa-9064	312	10	committee	committee	NOUN
ajfa-9064	312	11	on	on	ADP
ajfa-9064	312	12	the	the	DET
ajfa-9064	312	13	value	value	NOUN
ajfa-9064	312	14	of	of	ADP
ajfa-9064	312	15	cash	cash	NOUN
ajfa-9064	312	16	holdings	holding	NOUN
ajfa-9064	312	17	varies	vary	VERB
ajfa-9064	312	18	by	by	ADP
ajfa-9064	312	19	market	market	NOUN
ajfa-9064	312	20	,	,	PUNCT
ajfa-9064	312	21	we	we	PRON
ajfa-9064	312	22	divide	divide	VERB
ajfa-9064	312	23	the	the	DET
ajfa-9064	312	24	sample	sample	NOUN
ajfa-9064	312	25	by	by	ADP
ajfa-9064	312	26	market	market	NOUN
ajfa-9064	312	27	into	into	ADP
ajfa-9064	312	28	tse	tse	NOUN
ajfa-9064	312	29	-	-	PUNCT
ajfa-9064	312	30	listed	list	VERB
ajfa-9064	312	31	firms	firm	NOUN
ajfa-9064	312	32	and	and	CCONJ
ajfa-9064	312	33	otc	otc	PROPN
ajfa-9064	312	34	-	-	PUNCT
ajfa-9064	312	35	listed	list	VERB
ajfa-9064	312	36	firms	firm	NOUN
ajfa-9064	312	37	.	.	PUNCT
ajfa-9064	313	1	using	use	VERB
ajfa-9064	313	2	did	do	AUX
ajfa-9064	313	3	method	method	NOUN
ajfa-9064	313	4	,	,	PUNCT
ajfa-9064	313	5	we	we	PRON
ajfa-9064	313	6	evaluate	evaluate	VERB
ajfa-9064	313	7	the	the	DET
ajfa-9064	313	8	association	association	NOUN
ajfa-9064	313	9	between	between	ADP
ajfa-9064	313	10	an	an	DET
ajfa-9064	313	11	audit	audit	NOUN
ajfa-9064	313	12	committee	committee	NOUN
ajfa-9064	313	13	and	and	CCONJ
ajfa-9064	313	14	the	the	DET
ajfa-9064	313	15	value	value	NOUN
ajfa-9064	313	16	of	of	ADP
ajfa-9064	313	17	cash	cash	NOUN
ajfa-9064	313	18	holdings	holding	NOUN
ajfa-9064	313	19	in	in	ADP
ajfa-9064	313	20	the	the	DET
ajfa-9064	313	21	two	two	NUM
ajfa-9064	313	22	markets	market	NOUN
ajfa-9064	313	23	.	.	PUNCT
ajfa-9064	314	1	as	as	SCONJ
ajfa-9064	314	2	shown	show	VERB
ajfa-9064	314	3	in	in	ADP
ajfa-9064	314	4	table	table	NOUN
ajfa-9064	314	5	6	6	NUM
ajfa-9064	314	6	,	,	PUNCT
ajfa-9064	314	7	the	the	DET
ajfa-9064	314	8	product	product	NOUN
ajfa-9064	314	9	term	term	NOUN
ajfa-9064	314	10	of	of	ADP
ajfa-9064	314	11	change	change	NOUN
ajfa-9064	314	12	in	in	ADP
ajfa-9064	314	13	cash	cash	NOUN
ajfa-9064	314	14	,	,	PUNCT
ajfa-9064	314	15	post	post	ADJ
ajfa-9064	314	16	-	-	NOUN
ajfa-9064	314	17	establishment	establishment	NOUN
ajfa-9064	314	18	of	of	ADP
ajfa-9064	314	19	an	an	DET
ajfa-9064	314	20	audit	audit	NOUN
ajfa-9064	314	21	committee	committee	NOUN
ajfa-9064	314	22	,	,	PUNCT
ajfa-9064	314	23	and	and	CCONJ
ajfa-9064	314	24	presence	presence	NOUN
ajfa-9064	314	25	of	of	ADP
ajfa-9064	314	26	an	an	DET
ajfa-9064	314	27	audit	audit	NOUN
ajfa-9064	314	28	committee	committee	NOUN
ajfa-9064	314	29	(	(	PUNCT
ajfa-9064	314	30	∆𝐶𝑡*𝑃𝑂𝑆𝑇𝑡*𝐴c𝑡	∆𝐶𝑡*𝑃𝑂𝑆𝑇𝑡*𝐴c𝑡	PROPN
ajfa-9064	314	31	)	)	PUNCT
ajfa-9064	314	32	is	be	AUX
ajfa-9064	314	33	positively	positively	ADV
ajfa-9064	314	34	related	relate	VERB
ajfa-9064	314	35	to	to	ADP
ajfa-9064	314	36	abnormal	abnormal	ADJ
ajfa-9064	314	37	return	return	NOUN
ajfa-9064	314	38	(	(	PUNCT
ajfa-9064	314	39	𝑟𝑖,𝑡	𝑟𝑖,𝑡	VERB
ajfa-9064	314	40	−	−	ADP
ajfa-9064	314	41	𝑅𝑖,𝑡	𝑅𝑖,𝑡	PROPN
ajfa-9064	314	42	𝐵	𝐵	NOUN
ajfa-9064	314	43	)	)	PUNCT
ajfa-9064	314	44	among	among	ADP
ajfa-9064	314	45	tse	tse	PROPN
ajfa-9064	314	46	-	-	PUNCT
ajfa-9064	314	47	listed	list	VERB
ajfa-9064	314	48	firms	firm	NOUN
ajfa-9064	314	49	,	,	PUNCT
ajfa-9064	314	50	and	and	CCONJ
ajfa-9064	314	51	the	the	DET
ajfa-9064	314	52	relation	relation	NOUN
ajfa-9064	314	53	is	be	AUX
ajfa-9064	314	54	significant	significant	ADJ
ajfa-9064	314	55	(	(	PUNCT
ajfa-9064	314	56	coefficient=6.657	coefficient=6.657	NOUN
ajfa-9064	314	57	,	,	PUNCT
ajfa-9064	314	58	p	p	NOUN
ajfa-9064	314	59	-	-	PUNCT
ajfa-9064	314	60	value=0.060	value=0.060	NOUN
ajfa-9064	314	61	)	)	PUNCT
ajfa-9064	314	62	.	.	PUNCT
ajfa-9064	315	1	this	this	DET
ajfa-9064	315	2	finding	finding	NOUN
ajfa-9064	315	3	indicates	indicate	VERB
ajfa-9064	315	4	that	that	SCONJ
ajfa-9064	315	5	after	after	SCONJ
ajfa-9064	315	6	the	the	DET
ajfa-9064	315	7	effect	effect	NOUN
ajfa-9064	315	8	of	of	ADP
ajfa-9064	315	9	temporal	temporal	ADJ
ajfa-9064	315	10	trends	trend	NOUN
ajfa-9064	315	11	is	be	AUX
ajfa-9064	315	12	controlled	control	VERB
ajfa-9064	315	13	for	for	ADP
ajfa-9064	315	14	,	,	PUNCT
ajfa-9064	315	15	setting	set	VERB
ajfa-9064	315	16	up	up	ADP
ajfa-9064	315	17	an	an	DET
ajfa-9064	315	18	audit	audit	NOUN
ajfa-9064	315	19	committee	committee	NOUN
ajfa-9064	315	20	can	can	AUX
ajfa-9064	315	21	lead	lead	VERB
ajfa-9064	315	22	to	to	ADP
ajfa-9064	315	23	a	a	DET
ajfa-9064	315	24	significant	significant	ADJ
ajfa-9064	315	25	rise	rise	NOUN
ajfa-9064	315	26	of	of	ADP
ajfa-9064	315	27	the	the	DET
ajfa-9064	315	28	value	value	NOUN
ajfa-9064	315	29	of	of	ADP
ajfa-9064	315	30	cash	cash	NOUN
ajfa-9064	315	31	holdings	holding	NOUN
ajfa-9064	315	32	in	in	ADP
ajfa-9064	315	33	tse	tse	NOUN
ajfa-9064	315	34	-	-	PUNCT
ajfa-9064	315	35	listed	list	VERB
ajfa-9064	315	36	firms	firm	NOUN
ajfa-9064	315	37	,	,	PUNCT
ajfa-9064	315	38	allowing	allow	VERB
ajfa-9064	315	39	the	the	DET
ajfa-9064	315	40	firms	firm	NOUN
ajfa-9064	315	41	to	to	PART
ajfa-9064	315	42	reduce	reduce	VERB
ajfa-9064	315	43	their	their	PRON
ajfa-9064	315	44	agency	agency	NOUN
ajfa-9064	315	45	costs	cost	NOUN
ajfa-9064	315	46	.	.	PUNCT
ajfa-9064	316	1	among	among	ADP
ajfa-9064	316	2	otc	otc	PROPN
ajfa-9064	316	3	-	-	PUNCT
ajfa-9064	316	4	listed	list	VERB
ajfa-9064	316	5	firms	firm	NOUN
ajfa-9064	316	6	,	,	PUNCT
ajfa-9064	316	7	the	the	DET
ajfa-9064	316	8	product	product	NOUN
ajfa-9064	316	9	term	term	NOUN
ajfa-9064	316	10	of	of	ADP
ajfa-9064	316	11	change	change	NOUN
ajfa-9064	316	12	in	in	ADP
ajfa-9064	316	13	cash	cash	NOUN
ajfa-9064	316	14	,	,	PUNCT
ajfa-9064	316	15	post	post	ADJ
ajfa-9064	316	16	-	-	NOUN
ajfa-9064	316	17	establishment	establishment	NOUN
ajfa-9064	316	18	of	of	ADP
ajfa-9064	316	19	an	an	DET
ajfa-9064	316	20	audit	audit	NOUN
ajfa-9064	316	21	committee	committee	NOUN
ajfa-9064	316	22	and	and	CCONJ
ajfa-9064	316	23	presence	presence	NOUN
ajfa-9064	316	24	of	of	ADP
ajfa-9064	316	25	an	an	DET
ajfa-9064	316	26	audit	audit	NOUN
ajfa-9064	316	27	committee	committee	NOUN
ajfa-9064	316	28	(	(	PUNCT
ajfa-9064	316	29	∆𝐶𝑡*𝑃𝑂𝑆𝑇𝑡*𝐴𝐶𝑡	∆𝐶𝑡*𝑃𝑂𝑆𝑇𝑡*𝐴𝐶𝑡	PROPN
ajfa-9064	316	30	)	)	PUNCT
ajfa-9064	316	31	is	be	AUX
ajfa-9064	316	32	negatively	negatively	ADV
ajfa-9064	316	33	related	relate	VERB
ajfa-9064	316	34	to	to	ADP
ajfa-9064	316	35	abnormal	abnormal	ADJ
ajfa-9064	316	36	return	return	NOUN
ajfa-9064	316	37	(	(	PUNCT
ajfa-9064	316	38	𝑟𝑖,𝑡	𝑟𝑖,𝑡	VERB
ajfa-9064	316	39	−	−	ADP
ajfa-9064	316	40	𝑅𝑖,𝑡	𝑅𝑖,𝑡	PROPN
ajfa-9064	316	41	𝐵	𝐵	NOUN
ajfa-9064	316	42	)	)	PUNCT
ajfa-9064	316	43	,	,	PUNCT
ajfa-9064	316	44	and	and	CCONJ
ajfa-9064	316	45	the	the	DET
ajfa-9064	316	46	relation	relation	NOUN
ajfa-9064	316	47	is	be	AUX
ajfa-9064	316	48	significant	significant	ADJ
ajfa-9064	316	49	(	(	PUNCT
ajfa-9064	316	50	coefficient=-6.105	coefficient=-6.105	NOUN
ajfa-9064	316	51	,	,	PUNCT
ajfa-9064	316	52	p	p	NOUN
ajfa-9064	316	53	-	-	PUNCT
ajfa-9064	316	54	value=0.046	value=0.046	NUM
ajfa-9064	316	55	)	)	PUNCT
ajfa-9064	316	56	.	.	PUNCT
ajfa-9064	317	1	this	this	DET
ajfa-9064	317	2	finding	finding	NOUN
ajfa-9064	317	3	suggests	suggest	VERB
ajfa-9064	317	4	that	that	SCONJ
ajfa-9064	317	5	after	after	SCONJ
ajfa-9064	317	6	the	the	DET
ajfa-9064	317	7	effect	effect	NOUN
ajfa-9064	317	8	of	of	ADP
ajfa-9064	317	9	temporal	temporal	ADJ
ajfa-9064	317	10	trends	trend	NOUN
ajfa-9064	317	11	is	be	AUX
ajfa-9064	317	12	controlled	control	VERB
ajfa-9064	317	13	for	for	ADP
ajfa-9064	317	14	,	,	PUNCT
ajfa-9064	317	15	the	the	DET
ajfa-9064	317	16	value	value	NOUN
ajfa-9064	317	17	of	of	ADP
ajfa-9064	317	18	cash	cash	NOUN
ajfa-9064	317	19	holdings	holding	NOUN
ajfa-9064	317	20	in	in	ADP
ajfa-9064	317	21	otc	otc	PROPN
ajfa-9064	317	22	-	-	PUNCT
ajfa-9064	317	23	listed	list	VERB
ajfa-9064	317	24	firms	firm	NOUN
ajfa-9064	317	25	declines	decline	VERB
ajfa-9064	317	26	significantly	significantly	ADV
ajfa-9064	317	27	,	,	PUNCT
ajfa-9064	317	28	and	and	CCONJ
ajfa-9064	317	29	the	the	DET
ajfa-9064	317	30	expected	expect	VERB
ajfa-9064	317	31	reduction	reduction	NOUN
ajfa-9064	317	32	of	of	ADP
ajfa-9064	317	33	agency	agency	NOUN
ajfa-9064	317	34	costs	cost	NOUN
ajfa-9064	317	35	can	can	AUX
ajfa-9064	317	36	not	not	PART
ajfa-9064	317	37	be	be	AUX
ajfa-9064	317	38	achieved	achieve	VERB
ajfa-9064	317	39	.	.	PUNCT
ajfa-9064	318	1	this	this	DET
ajfa-9064	318	2	finding	finding	NOUN
ajfa-9064	318	3	supports	support	VERB
ajfa-9064	318	4	our	our	PRON
ajfa-9064	318	5	second	second	ADJ
ajfa-9064	318	6	hypothesis	hypothesis	NOUN
ajfa-9064	318	7	which	which	PRON
ajfa-9064	318	8	proposes	propose	VERB
ajfa-9064	318	9	that	that	SCONJ
ajfa-9064	318	10	the	the	DET
ajfa-9064	318	11	presence	presence	NOUN
ajfa-9064	318	12	of	of	ADP
ajfa-9064	318	13	an	an	DET
ajfa-9064	318	14	audit	audit	NOUN
ajfa-9064	318	15	committee	committee	NOUN
ajfa-9064	318	16	can	can	AUX
ajfa-9064	318	17	generate	generate	VERB
ajfa-9064	318	18	a	a	DET
ajfa-9064	318	19	higher	high	ADJ
ajfa-9064	318	20	increase	increase	NOUN
ajfa-9064	318	21	in	in	ADP
ajfa-9064	318	22	the	the	DET
ajfa-9064	318	23	marginal	marginal	ADJ
ajfa-9064	318	24	value	value	NOUN
ajfa-9064	318	25	of	of	ADP
ajfa-9064	318	26	cash	cash	NOUN
ajfa-9064	318	27	holdings	holding	NOUN
ajfa-9064	318	28	for	for	ADP
ajfa-9064	318	29	tse	tse	NOUN
ajfa-9064	318	30	-	-	PUNCT
ajfa-9064	318	31	listed	list	VERB
ajfa-9064	318	32	firms	firm	NOUN
ajfa-9064	318	33	than	than	ADP
ajfa-9064	318	34	for	for	ADP
ajfa-9064	318	35	otc	otc	NOUN
ajfa-9064	318	36	-	-	PUNCT
ajfa-9064	318	37	listed	list	VERB
ajfa-9064	318	38	ones	one	NOUN
ajfa-9064	318	39	.	.	PUNCT
ajfa-9064	319	1	in	in	ADP
ajfa-9064	319	2	the	the	DET
ajfa-9064	319	3	otc	otc	PROPN
ajfa-9064	319	4	market	market	NOUN
ajfa-9064	319	5	,	,	PUNCT
ajfa-9064	319	6	individual	individual	ADJ
ajfa-9064	319	7	investors	investor	NOUN
ajfa-9064	319	8	account	account	VERB
ajfa-9064	319	9	for	for	ADP
ajfa-9064	319	10	a	a	DET
ajfa-9064	319	11	higher	high	ADJ
ajfa-9064	319	12	proportion	proportion	NOUN
ajfa-9064	319	13	compared	compare	VERB
ajfa-9064	319	14	to	to	ADP
ajfa-9064	319	15	institutional	institutional	ADJ
ajfa-9064	319	16	investors	investor	NOUN
ajfa-9064	319	17	.	.	PUNCT
ajfa-9064	320	1	in	in	ADP
ajfa-9064	320	2	addition	addition	NOUN
ajfa-9064	320	3	,	,	PUNCT
ajfa-9064	320	4	stock	stock	NOUN
ajfa-9064	320	5	liquidity	liquidity	NOUN
ajfa-9064	320	6	is	be	AUX
ajfa-9064	320	7	lower	low	ADJ
ajfa-9064	320	8	,	,	PUNCT
ajfa-9064	320	9	and	and	CCONJ
ajfa-9064	320	10	the	the	DET
ajfa-9064	320	11	compliance	compliance	NOUN
ajfa-9064	320	12	cost	cost	NOUN
ajfa-9064	320	13	for	for	ADP
ajfa-9064	320	14	firms	firm	NOUN
ajfa-9064	320	15	is	be	AUX
ajfa-9064	320	16	higher	high	ADJ
ajfa-9064	320	17	.	.	PUNCT
ajfa-9064	321	1	asian	asian	ADJ
ajfa-9064	321	2	journal	journal	PROPN
ajfa-9064	321	3	of	of	ADP
ajfa-9064	321	4	finance	finance	PROPN
ajfa-9064	321	5	&	&	CCONJ
ajfa-9064	321	6	accounting	accounting	PROPN
ajfa-9064	321	7	issn	issn	PROPN
ajfa-9064	321	8	1946	1946	NUM
ajfa-9064	321	9	-	-	PUNCT
ajfa-9064	321	10	052x	052x	PROPN
ajfa-9064	321	11	2016	2016	NUM
ajfa-9064	321	12	,	,	PUNCT
ajfa-9064	321	13	vol	vol	NOUN
ajfa-9064	321	14	.	.	PROPN
ajfa-9064	321	15	8	8	NUM
ajfa-9064	321	16	,	,	PUNCT
ajfa-9064	321	17	no	no	INTJ
ajfa-9064	321	18	.	.	NOUN
ajfa-9064	321	19	1	1	NUM
ajfa-9064	322	1	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9064	322	2	118	118	NUM
ajfa-9064	322	3	these	these	PRON
ajfa-9064	322	4	are	be	AUX
ajfa-9064	322	5	the	the	DET
ajfa-9064	322	6	reasons	reason	NOUN
ajfa-9064	322	7	why	why	SCONJ
ajfa-9064	322	8	setting	set	VERB
ajfa-9064	322	9	up	up	ADP
ajfa-9064	322	10	an	an	DET
ajfa-9064	322	11	audit	audit	NOUN
ajfa-9064	322	12	committee	committee	NOUN
ajfa-9064	322	13	contrarily	contrarily	ADV
ajfa-9064	322	14	leads	lead	VERB
ajfa-9064	322	15	to	to	ADP
ajfa-9064	322	16	a	a	DET
ajfa-9064	322	17	decline	decline	NOUN
ajfa-9064	322	18	in	in	ADP
ajfa-9064	322	19	the	the	DET
ajfa-9064	322	20	value	value	NOUN
ajfa-9064	322	21	of	of	ADP
ajfa-9064	322	22	cash	cash	NOUN
ajfa-9064	322	23	holdings	holding	NOUN
ajfa-9064	322	24	.	.	PUNCT
ajfa-9064	323	1	as	as	ADP
ajfa-9064	323	2	to	to	ADP
ajfa-9064	323	3	the	the	DET
ajfa-9064	323	4	relations	relation	NOUN
ajfa-9064	323	5	between	between	ADP
ajfa-9064	323	6	control	control	NOUN
ajfa-9064	323	7	variables	variable	NOUN
ajfa-9064	323	8	and	and	CCONJ
ajfa-9064	323	9	abnormal	abnormal	ADJ
ajfa-9064	323	10	return	return	NOUN
ajfa-9064	323	11	,	,	PUNCT
ajfa-9064	323	12	the	the	DET
ajfa-9064	323	13	relation	relation	NOUN
ajfa-9064	323	14	between	between	ADP
ajfa-9064	323	15	the	the	DET
ajfa-9064	323	16	change	change	NOUN
ajfa-9064	323	17	in	in	ADP
ajfa-9064	323	18	dividends	dividend	NOUN
ajfa-9064	323	19	on	on	ADP
ajfa-9064	323	20	common	common	ADJ
ajfa-9064	323	21	shares	share	NOUN
ajfa-9064	323	22	and	and	CCONJ
ajfa-9064	323	23	abnormal	abnormal	ADJ
ajfa-9064	323	24	return	return	NOUN
ajfa-9064	323	25	(	(	PUNCT
ajfa-9064	323	26	𝑟𝑖,𝑡	𝑟𝑖,𝑡	VERB
ajfa-9064	323	27	−	−	ADP
ajfa-9064	323	28	𝑅𝑖,𝑡	𝑅𝑖,𝑡	PROPN
ajfa-9064	323	29	𝐵	𝐵	NOUN
ajfa-9064	323	30	)	)	PUNCT
ajfa-9064	323	31	is	be	AUX
ajfa-9064	323	32	consistent	consistent	ADJ
ajfa-9064	323	33	across	across	ADP
ajfa-9064	323	34	tse	tse	NOUN
ajfa-9064	323	35	-	-	PUNCT
ajfa-9064	323	36	listed	list	VERB
ajfa-9064	323	37	and	and	CCONJ
ajfa-9064	323	38	otc	otc	ADV
ajfa-9064	323	39	-	-	PUNCT
ajfa-9064	323	40	listed	list	VERB
ajfa-9064	323	41	firms	firm	NOUN
ajfa-9064	323	42	.	.	PUNCT
ajfa-9064	324	1	the	the	DET
ajfa-9064	324	2	coefficients	coefficient	NOUN
ajfa-9064	324	3	on	on	ADP
ajfa-9064	324	4	∆𝐷𝑡	∆𝐷𝑡	PROPN
ajfa-9064	324	5	among	among	ADP
ajfa-9064	324	6	tse	tse	NOUN
ajfa-9064	324	7	-	-	PUNCT
ajfa-9064	324	8	listed	list	VERB
ajfa-9064	324	9	firms	firm	NOUN
ajfa-9064	324	10	and	and	CCONJ
ajfa-9064	324	11	otc	otc	PROPN
ajfa-9064	324	12	-	-	PUNCT
ajfa-9064	324	13	listed	list	VERB
ajfa-9064	324	14	firms	firm	NOUN
ajfa-9064	324	15	are	be	AUX
ajfa-9064	324	16	4.103	4.103	NUM
ajfa-9064	324	17	with	with	ADP
ajfa-9064	324	18	p	p	NOUN
ajfa-9064	324	19	-	-	PUNCT
ajfa-9064	324	20	value<0.052	value<0.052	NOUN
ajfa-9064	324	21	and	and	CCONJ
ajfa-9064	324	22	7.019	7.019	NUM
ajfa-9064	324	23	with	with	ADP
ajfa-9064	324	24	p	p	PROPN
ajfa-9064	324	25	-	-	PUNCT
ajfa-9064	324	26	value<0.001	value<0.001	NOUN
ajfa-9064	324	27	,	,	PUNCT
ajfa-9064	324	28	suggesting	suggest	VERB
ajfa-9064	324	29	that	that	SCONJ
ajfa-9064	324	30	change	change	NOUN
ajfa-9064	324	31	in	in	ADP
ajfa-9064	324	32	dividends	dividend	NOUN
ajfa-9064	324	33	on	on	ADP
ajfa-9064	324	34	common	common	ADJ
ajfa-9064	324	35	shares	share	NOUN
ajfa-9064	324	36	is	be	AUX
ajfa-9064	324	37	significantly	significantly	ADV
ajfa-9064	324	38	and	and	CCONJ
ajfa-9064	324	39	positively	positively	ADV
ajfa-9064	324	40	related	relate	VERB
ajfa-9064	324	41	to	to	ADP
ajfa-9064	324	42	abnormal	abnormal	ADJ
ajfa-9064	324	43	return	return	NOUN
ajfa-9064	324	44	.	.	PUNCT
ajfa-9064	325	1	table	table	NOUN
ajfa-9064	325	2	5	5	NUM
ajfa-9064	325	3	.	.	PUNCT
ajfa-9064	326	1	the	the	DET
ajfa-9064	326	2	effect	effect	NOUN
ajfa-9064	326	3	of	of	ADP
ajfa-9064	326	4	setting	set	VERB
ajfa-9064	326	5	up	up	ADP
ajfa-9064	326	6	an	an	DET
ajfa-9064	326	7	audit	audit	NOUN
ajfa-9064	326	8	committee	committee	NOUN
ajfa-9064	326	9	on	on	ADP
ajfa-9064	326	10	the	the	DET
ajfa-9064	326	11	values	value	NOUN
ajfa-9064	326	12	of	of	ADP
ajfa-9064	326	13	cash	cash	NOUN
ajfa-9064	326	14	holdings	holding	NOUN
ajfa-9064	326	15	notes	note	VERB
ajfa-9064	326	16	:	:	PUNCT
ajfa-9064	326	17	1	1	X
ajfa-9064	326	18	.	.	X
ajfa-9064	327	1	*	*	PUNCT
ajfa-9064	327	2	*	*	PUNCT
ajfa-9064	327	3	*	*	PUNCT
ajfa-9064	327	4	p<0.01	p<0.01	PROPN
ajfa-9064	327	5	,	,	PUNCT
ajfa-9064	327	6	*	*	PUNCT
ajfa-9064	327	7	*	*	PUNCT
ajfa-9064	327	8	p<0.05	p<0.05	NOUN
ajfa-9064	327	9	,	,	PUNCT
ajfa-9064	327	10	*	*	SYM
ajfa-9064	327	11	p<0.1	p<0.1	NUM
ajfa-9064	327	12	2	2	X
ajfa-9064	327	13	.	.	PUNCT
ajfa-9064	327	14	variable	variable	ADJ
ajfa-9064	327	15	definition	definition	NOUN
ajfa-9064	327	16	:	:	PUNCT
ajfa-9064	327	17	𝑟𝑡	𝑟𝑡	NOUN
ajfa-9064	327	18	−	−	NOUN
ajfa-9064	327	19	𝑅𝑡	𝑅𝑡	PROPN
ajfa-9064	327	20	𝐵	𝐵	NOUN
ajfa-9064	327	21	denotes	denote	VERB
ajfa-9064	327	22	abnormal	abnormal	ADJ
ajfa-9064	327	23	returns	return	NOUN
ajfa-9064	327	24	;	;	PUNCT
ajfa-9064	327	25	∆𝐶𝑡	∆𝐶𝑡	PROPN
ajfa-9064	327	26	denotes	denote	NOUN
ajfa-9064	327	27	change	change	VERB
ajfa-9064	327	28	in	in	ADP
ajfa-9064	327	29	cash	cash	NOUN
ajfa-9064	327	30	and	and	CCONJ
ajfa-9064	327	31	cash	cash	NOUN
ajfa-9064	327	32	equivalents	equivalent	NOUN
ajfa-9064	327	33	divided	divide	VERB
ajfa-9064	327	34	by	by	ADP
ajfa-9064	327	35	market	market	NOUN
ajfa-9064	327	36	value	value	NOUN
ajfa-9064	327	37	of	of	ADP
ajfa-9064	327	38	the	the	DET
ajfa-9064	327	39	previous	previous	ADJ
ajfa-9064	327	40	period;𝑃𝑂𝑆𝑇𝑡	period;𝑃𝑂𝑆𝑇𝑡	PROPN
ajfa-9064	327	41	is	be	AUX
ajfa-9064	327	42	a	a	DET
ajfa-9064	327	43	dummy	dummy	ADJ
ajfa-9064	327	44	variable	variable	NOUN
ajfa-9064	327	45	where	where	SCONJ
ajfa-9064	327	46	1	1	NUM
ajfa-9064	327	47	indicates	indicate	VERB
ajfa-9064	327	48	the	the	DET
ajfa-9064	327	49	year	year	NOUN
ajfa-9064	327	50	when	when	SCONJ
ajfa-9064	327	51	an	an	DET
ajfa-9064	327	52	audit	audit	NOUN
ajfa-9064	327	53	committee	committee	NOUN
ajfa-9064	327	54	is	be	AUX
ajfa-9064	327	55	established	establish	VERB
ajfa-9064	327	56	or	or	CCONJ
ajfa-9064	327	57	the	the	DET
ajfa-9064	327	58	next	next	ADJ
ajfa-9064	327	59	year	year	NOUN
ajfa-9064	327	60	,	,	PUNCT
ajfa-9064	327	61	and	and	CCONJ
ajfa-9064	327	62	0	0	NUM
ajfa-9064	327	63	indicates	indicate	VERB
ajfa-9064	327	64	other	other	ADJ
ajfa-9064	327	65	periods	period	NOUN
ajfa-9064	327	66	of	of	ADP
ajfa-9064	327	67	time	time	NOUN
ajfa-9064	327	68	;	;	PUNCT
ajfa-9064	327	69	𝐴𝐶𝑡	𝐴𝐶𝑡	PROPN
ajfa-9064	327	70	is	be	AUX
ajfa-9064	327	71	a	a	DET
ajfa-9064	327	72	dummy	dummy	ADJ
ajfa-9064	327	73	variable	variable	NOUN
ajfa-9064	327	74	where	where	SCONJ
ajfa-9064	327	75	1	1	NUM
ajfa-9064	327	76	indicates	indicate	VERB
ajfa-9064	327	77	presence	presence	NOUN
ajfa-9064	327	78	of	of	ADP
ajfa-9064	327	79	an	an	DET
ajfa-9064	327	80	audit	audit	NOUN
ajfa-9064	327	81	committee	committee	NOUN
ajfa-9064	327	82	and	and	CCONJ
ajfa-9064	327	83	0	0	NUM
ajfa-9064	327	84	indicates	indicate	VERB
ajfa-9064	327	85	absence	absence	NOUN
ajfa-9064	327	86	of	of	ADP
ajfa-9064	327	87	an	an	DET
ajfa-9064	327	88	audit	audit	NOUN
ajfa-9064	327	89	committee	committee	NOUN
ajfa-9064	327	90	;	;	PUNCT
ajfa-9064	327	91	∆𝐸𝑡denotes	∆𝐸𝑡denote	VERB
ajfa-9064	327	92	independent	independent	ADJ
ajfa-9064	327	93	variable	variable	ADJ
ajfa-9064	327	94	coefficient	coefficient	NOUN
ajfa-9064	327	95	p	p	NOUN
ajfa-9064	327	96	-	-	PUNCT
ajfa-9064	327	97	values	value	NOUN
ajfa-9064	327	98	coefficient	coefficient	VERB
ajfa-9064	327	99	p	p	NOUN
ajfa-9064	327	100	-	-	PUNCT
ajfa-9064	327	101	values	value	NOUN
ajfa-9064	327	102	intercept	intercept	VERB
ajfa-9064	327	103	0.580	0.580	NUM
ajfa-9064	327	104	0.286	0.286	NUM
ajfa-9064	327	105	0.057	0.057	NUM
ajfa-9064	327	106	0.816	0.816	NUM
ajfa-9064	327	107	-2.323	-2.323	NOUN
ajfa-9064	327	108	0.237	0.237	NUM
ajfa-9064	327	109	0.902	0.902	NUM
ajfa-9064	327	110	0.457	0.457	NUM
ajfa-9064	327	111	-0.043	-0.043	NUM
ajfa-9064	327	112	0.821	0.821	NUM
ajfa-9064	327	113	-0.173	-0.173	NUM
ajfa-9064	328	1	0.221	0.221	NUM
ajfa-9064	328	2	0.012	0.012	NUM
ajfa-9064	328	3	0.921	0.921	NUM
ajfa-9064	328	4	0.263	0.263	NUM
ajfa-9064	328	5	0.542	0.542	NUM
ajfa-9064	328	6	0.329	0.329	NUM
ajfa-9064	328	7	0.310	0.310	NUM
ajfa-9064	328	8	0.757	0.757	NUM
ajfa-9064	328	9	*	*	PUNCT
ajfa-9064	328	10	*	*	PUNCT
ajfa-9064	328	11	*	*	NOUN
ajfa-9064	328	12	0.005	0.005	NUM
ajfa-9064	328	13	0.355	0.355	NUM
ajfa-9064	328	14	*	*	PUNCT
ajfa-9064	328	15	*	*	PUNCT
ajfa-9064	328	16	0.033	0.033	NUM
ajfa-9064	328	17	-0.532	-0.532	NOUN
ajfa-9064	328	18	*	*	PUNCT
ajfa-9064	328	19	*	*	PUNCT
ajfa-9064	328	20	*	*	PUNCT
ajfa-9064	328	21	0.006	0.006	NUM
ajfa-9064	328	22	-0.049	-0.049	NUM
ajfa-9064	328	23	0.628	0.628	NUM
ajfa-9064	328	24	-56.540	-56.540	NOUN
ajfa-9064	328	25	*	*	PUNCT
ajfa-9064	328	26	*	*	PUNCT
ajfa-9064	328	27	*	*	PROPN
ajfa-9064	328	28	0.001	0.001	NUM
ajfa-9064	328	29	-22.93	-22.93	PROPN
ajfa-9064	328	30	*	*	PROPN
ajfa-9064	328	31	*	*	NOUN
ajfa-9064	328	32	0.032	0.032	NUM
ajfa-9064	328	33	8.135	8.135	NUM
ajfa-9064	328	34	*	*	PUNCT
ajfa-9064	328	35	*	*	PUNCT
ajfa-9064	328	36	*	*	PUNCT
ajfa-9064	328	37	0.000	0.000	NUM
ajfa-9064	328	38	6.334	6.334	NUM
ajfa-9064	328	39	*	*	PUNCT
ajfa-9064	328	40	*	*	PUNCT
ajfa-9064	328	41	*	*	PUNCT
ajfa-9064	328	42	0.000	0.000	NUM
ajfa-9064	328	43	-0.473	-0.473	NOUN
ajfa-9064	328	44	0.281	0.281	NUM
ajfa-9064	328	45	-0.358	-0.358	NOUN
ajfa-9064	328	46	0.252	0.252	NUM
ajfa-9064	328	47	-0.713	-0.713	ADP
ajfa-9064	328	48	*	*	NOUN
ajfa-9064	328	49	0.075	0.075	NUM
ajfa-9064	328	50	-0.732	-0.732	NOUN
ajfa-9064	328	51	*	*	PUNCT
ajfa-9064	328	52	*	*	PUNCT
ajfa-9064	328	53	*	*	X
ajfa-9064	328	54	0.004	0.004	NUM
ajfa-9064	328	55	-0.409	-0.409	NUM
ajfa-9064	328	56	0.325	0.325	NUM
ajfa-9064	328	57	-0.312	-0.312	PROPN
ajfa-9064	328	58	0.306	0.306	NUM
ajfa-9064	328	59	*	*	PUNCT
ajfa-9064	328	60	-1.973	-1.973	SYM
ajfa-9064	328	61	0.570	0.570	NUM
ajfa-9064	328	62	-0.430	-0.430	NOUN
ajfa-9064	328	63	0.470	0.470	NUM
ajfa-9064	328	64	*	*	NOUN
ajfa-9064	328	65	11.040	11.040	NUM
ajfa-9064	328	66	*	*	PUNCT
ajfa-9064	328	67	*	*	PUNCT
ajfa-9064	328	68	*	*	NOUN
ajfa-9064	328	69	0.005	0.005	NUM
ajfa-9064	328	70	2.657	2.657	NUM
ajfa-9064	328	71	0.320	0.320	NUM
ajfa-9064	328	72	*	*	PUNCT
ajfa-9064	328	73	2.034	2.034	NUM
ajfa-9064	328	74	0.182	0.182	NUM
ajfa-9064	328	75	0.309	0.309	NUM
ajfa-9064	328	76	0.826	0.826	NUM
ajfa-9064	328	77	*	*	PUNCT
ajfa-9064	329	1	0.0475	0.0475	NUM
ajfa-9064	329	2	0.777	0.777	NUM
ajfa-9064	329	3	*	*	PUNCT
ajfa-9064	329	4	-1.064	-1.064	PUNCT
ajfa-9064	329	5	0.455	0.455	NUM
ajfa-9064	329	6	*	*	PUNCT
ajfa-9064	330	1	*	*	PUNCT
ajfa-9064	330	2	0.264	0.264	NUM
ajfa-9064	330	3	0.891	0.891	NUM
ajfa-9064	330	4	adjusted	adjust	VERB
ajfa-9064	330	5	0.443	0.443	NUM
ajfa-9064	330	6	0.310	0.310	NUM
ajfa-9064	330	7	n	n	PRON
ajfa-9064	330	8	112	112	NUM
ajfa-9064	330	9	224	224	NUM
ajfa-9064	330	10	(	(	PUNCT
ajfa-9064	330	11	1)before	1)before	NUM
ajfa-9064	330	12	pairing	pairing	NOUN
ajfa-9064	330	13	(	(	PUNCT
ajfa-9064	330	14	2)after	2)after	NUM
ajfa-9064	330	15	pairing	pair	VERB
ajfa-9064	330	16	dependent	dependent	ADJ
ajfa-9064	330	17	variable=	variable=	NUM
ajfa-9064	330	18	asian	asian	ADJ
ajfa-9064	330	19	journal	journal	NOUN
ajfa-9064	330	20	of	of	ADP
ajfa-9064	330	21	finance	finance	PROPN
ajfa-9064	330	22	&	&	CCONJ
ajfa-9064	330	23	accounting	accounting	PROPN
ajfa-9064	330	24	issn	issn	PROPN
ajfa-9064	330	25	1946	1946	NUM
ajfa-9064	330	26	-	-	PUNCT
ajfa-9064	330	27	052x	052x	PROPN
ajfa-9064	330	28	2016	2016	NUM
ajfa-9064	330	29	,	,	PUNCT
ajfa-9064	330	30	vol	vol	NOUN
ajfa-9064	330	31	.	.	PROPN
ajfa-9064	330	32	8	8	NUM
ajfa-9064	330	33	,	,	PUNCT
ajfa-9064	330	34	no	no	INTJ
ajfa-9064	330	35	.	.	NOUN
ajfa-9064	330	36	1	1	NUM
ajfa-9064	330	37	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9064	330	38	119	119	NUM
ajfa-9064	330	39	earnings	earning	NOUN
ajfa-9064	330	40	from	from	ADP
ajfa-9064	330	41	extraordinary	extraordinary	ADJ
ajfa-9064	330	42	items	item	NOUN
ajfa-9064	330	43	and	and	CCONJ
ajfa-9064	330	44	interest	interest	NOUN
ajfa-9064	330	45	divided	divide	VERB
ajfa-9064	330	46	by	by	ADP
ajfa-9064	330	47	market	market	NOUN
ajfa-9064	330	48	value	value	NOUN
ajfa-9064	330	49	of	of	ADP
ajfa-9064	330	50	the	the	DET
ajfa-9064	330	51	previous	previous	ADJ
ajfa-9064	330	52	period	period	NOUN
ajfa-9064	330	53	;	;	PUNCT
ajfa-9064	330	54	∆𝑁𝐴𝑡	∆𝑁𝐴𝑡	NOUN
ajfa-9064	330	55	denotes	denote	NOUN
ajfa-9064	330	56	change	change	VERB
ajfa-9064	330	57	in	in	ADP
ajfa-9064	330	58	assets	asset	NOUN
ajfa-9064	330	59	minus	minus	CCONJ
ajfa-9064	330	60	cash	cash	NOUN
ajfa-9064	330	61	divided	divide	VERB
ajfa-9064	330	62	by	by	ADP
ajfa-9064	330	63	market	market	NOUN
ajfa-9064	330	64	value	value	NOUN
ajfa-9064	330	65	of	of	ADP
ajfa-9064	330	66	the	the	DET
ajfa-9064	330	67	previous	previous	ADJ
ajfa-9064	330	68	period	period	NOUN
ajfa-9064	330	69	;	;	PUNCT
ajfa-9064	330	70	∆𝑅𝐷𝑡	∆𝑅𝐷𝑡	NOUN
ajfa-9064	330	71	denotes	denote	NOUN
ajfa-9064	330	72	change	change	VERB
ajfa-9064	330	73	in	in	ADP
ajfa-9064	330	74	research	research	NOUN
ajfa-9064	330	75	and	and	CCONJ
ajfa-9064	330	76	development	development	NOUN
ajfa-9064	330	77	expense	expense	NOUN
ajfa-9064	330	78	divided	divide	VERB
ajfa-9064	330	79	by	by	ADP
ajfa-9064	330	80	market	market	NOUN
ajfa-9064	330	81	value	value	NOUN
ajfa-9064	330	82	of	of	ADP
ajfa-9064	330	83	the	the	DET
ajfa-9064	330	84	previous	previous	ADJ
ajfa-9064	330	85	period	period	NOUN
ajfa-9064	330	86	;	;	PUNCT
ajfa-9064	330	87	∆𝐼𝑡	∆𝐼𝑡	PROPN
ajfa-9064	330	88	denotes	denote	NOUN
ajfa-9064	330	89	change	change	VERB
ajfa-9064	330	90	in	in	ADP
ajfa-9064	330	91	interest	interest	NOUN
ajfa-9064	330	92	expense	expense	NOUN
ajfa-9064	330	93	divided	divide	VERB
ajfa-9064	330	94	by	by	ADP
ajfa-9064	330	95	market	market	NOUN
ajfa-9064	330	96	value	value	NOUN
ajfa-9064	330	97	of	of	ADP
ajfa-9064	330	98	the	the	DET
ajfa-9064	330	99	previous	previous	ADJ
ajfa-9064	330	100	period	period	NOUN
ajfa-9064	330	101	;	;	PUNCT
ajfa-9064	330	102	∆𝐷𝑡denotes	∆𝐷𝑡denote	VERB
ajfa-9064	330	103	change	change	NOUN
ajfa-9064	330	104	in	in	ADP
ajfa-9064	330	105	dividends	dividend	NOUN
ajfa-9064	330	106	on	on	ADP
ajfa-9064	330	107	common	common	ADJ
ajfa-9064	330	108	shares	share	NOUN
ajfa-9064	330	109	divided	divide	VERB
ajfa-9064	330	110	by	by	ADP
ajfa-9064	330	111	market	market	NOUN
ajfa-9064	330	112	value	value	NOUN
ajfa-9064	330	113	of	of	ADP
ajfa-9064	330	114	the	the	DET
ajfa-9064	330	115	previous	previous	ADJ
ajfa-9064	330	116	period	period	NOUN
ajfa-9064	330	117	;	;	PUNCT
ajfa-9064	330	118	𝐶𝑡−1	𝐶𝑡−1	PROPN
ajfa-9064	330	119	denotes	denote	VERB
ajfa-9064	330	120	the	the	DET
ajfa-9064	330	121	sum	sum	NOUN
ajfa-9064	330	122	of	of	ADP
ajfa-9064	330	123	cash	cash	NOUN
ajfa-9064	330	124	and	and	CCONJ
ajfa-9064	330	125	cash	cash	NOUN
ajfa-9064	330	126	equivalent	equivalent	ADJ
ajfa-9064	330	127	over	over	ADP
ajfa-9064	330	128	year	year	NOUN
ajfa-9064	330	129	t-1	t-1	PROPN
ajfa-9064	330	130	;	;	PUNCT
ajfa-9064	331	1	𝐿𝑡	𝐿𝑡	VERB
ajfa-9064	331	2	denotes	denote	NOUN
ajfa-9064	331	3	total	total	ADJ
ajfa-9064	331	4	debt	debt	NOUN
ajfa-9064	331	5	divided	divide	VERB
ajfa-9064	331	6	by	by	ADP
ajfa-9064	331	7	the	the	DET
ajfa-9064	331	8	sum	sum	NOUN
ajfa-9064	331	9	of	of	ADP
ajfa-9064	331	10	market	market	NOUN
ajfa-9064	331	11	value	value	NOUN
ajfa-9064	331	12	of	of	ADP
ajfa-9064	331	13	equity	equity	NOUN
ajfa-9064	331	14	and	and	CCONJ
ajfa-9064	331	15	total	total	ADJ
ajfa-9064	331	16	debt	debt	NOUN
ajfa-9064	331	17	;	;	PUNCT
ajfa-9064	331	18	𝑁𝐹𝑡	𝑁𝐹𝑡	NOUN
ajfa-9064	331	19	denotes	denote	VERB
ajfa-9064	331	20	the	the	DET
ajfa-9064	331	21	total	total	ADJ
ajfa-9064	331	22	equity	equity	NOUN
ajfa-9064	331	23	issuance	issuance	NOUN
ajfa-9064	331	24	minus	minus	ADP
ajfa-9064	331	25	repurchases	repurchase	NOUN
ajfa-9064	331	26	plus	plus	CCONJ
ajfa-9064	331	27	debt	debt	NOUN
ajfa-9064	331	28	issuance	issuance	NOUN
ajfa-9064	331	29	minus	minus	ADP
ajfa-9064	331	30	debt	debt	NOUN
ajfa-9064	331	31	redemption	redemption	NOUN
ajfa-9064	331	32	.	.	PUNCT
ajfa-9064	332	1	3	3	X
ajfa-9064	332	2	.	.	X
ajfa-9064	332	3	n	n	PRON
ajfa-9064	332	4	denotes	denote	VERB
ajfa-9064	332	5	the	the	DET
ajfa-9064	332	6	number	number	NOUN
ajfa-9064	332	7	of	of	ADP
ajfa-9064	332	8	observations	observation	NOUN
ajfa-9064	332	9	.	.	PUNCT
ajfa-9064	333	1	table	table	NOUN
ajfa-9064	333	2	6	6	NUM
ajfa-9064	333	3	.	.	PUNCT
ajfa-9064	334	1	the	the	DET
ajfa-9064	334	2	effect	effect	NOUN
ajfa-9064	334	3	of	of	ADP
ajfa-9064	334	4	setting	set	VERB
ajfa-9064	334	5	up	up	ADP
ajfa-9064	334	6	an	an	DET
ajfa-9064	334	7	audit	audit	NOUN
ajfa-9064	334	8	committee	committee	NOUN
ajfa-9064	334	9	after	after	ADP
ajfa-9064	334	10	pairing	pair	VERB
ajfa-9064	334	11	(	(	PUNCT
ajfa-9064	334	12	by	by	ADP
ajfa-9064	334	13	market	market	NOUN
ajfa-9064	334	14	)	)	PUNCT
ajfa-9064	334	15	notes	note	VERB
ajfa-9064	334	16	:	:	PUNCT
ajfa-9064	335	1	1	1	X
ajfa-9064	335	2	.	.	X
ajfa-9064	336	1	*	*	PUNCT
ajfa-9064	336	2	*	*	PUNCT
ajfa-9064	336	3	*	*	PUNCT
ajfa-9064	336	4	p<0.01	p<0.01	PROPN
ajfa-9064	336	5	,	,	PUNCT
ajfa-9064	336	6	*	*	PUNCT
ajfa-9064	336	7	*	*	PUNCT
ajfa-9064	336	8	p<0.05	p<0.05	NOUN
ajfa-9064	336	9	,	,	PUNCT
ajfa-9064	336	10	*	*	SYM
ajfa-9064	336	11	p<0.1	p<0.1	NUM
ajfa-9064	336	12	2	2	X
ajfa-9064	336	13	.	.	PUNCT
ajfa-9064	336	14	variable	variable	ADJ
ajfa-9064	336	15	definition	definition	NOUN
ajfa-9064	336	16	:	:	PUNCT
ajfa-9064	336	17	𝑟𝑡	𝑟𝑡	NOUN
ajfa-9064	336	18	−	−	NOUN
ajfa-9064	336	19	𝑅𝑡	𝑅𝑡	PROPN
ajfa-9064	336	20	𝐵	𝐵	NOUN
ajfa-9064	336	21	denotes	denote	VERB
ajfa-9064	336	22	abnormal	abnormal	ADJ
ajfa-9064	336	23	returns	return	NOUN
ajfa-9064	336	24	;	;	PUNCT
ajfa-9064	336	25	∆𝐶𝑡	∆𝐶𝑡	PROPN
ajfa-9064	336	26	denotes	denote	NOUN
ajfa-9064	336	27	change	change	VERB
ajfa-9064	336	28	in	in	ADP
ajfa-9064	336	29	cash	cash	NOUN
ajfa-9064	336	30	and	and	CCONJ
ajfa-9064	336	31	cash	cash	NOUN
ajfa-9064	336	32	equivalents	equivalent	NOUN
ajfa-9064	336	33	divided	divide	VERB
ajfa-9064	336	34	by	by	ADP
ajfa-9064	336	35	market	market	NOUN
ajfa-9064	336	36	value	value	NOUN
ajfa-9064	336	37	of	of	ADP
ajfa-9064	336	38	the	the	DET
ajfa-9064	336	39	previous	previous	ADJ
ajfa-9064	336	40	period;𝑃𝑂𝑆𝑇𝑡	period;𝑃𝑂𝑆𝑇𝑡	PROPN
ajfa-9064	336	41	is	be	AUX
ajfa-9064	336	42	a	a	DET
ajfa-9064	336	43	dummy	dummy	ADJ
ajfa-9064	336	44	variable	variable	NOUN
ajfa-9064	336	45	where	where	SCONJ
ajfa-9064	336	46	1	1	NUM
ajfa-9064	336	47	indicates	indicate	VERB
ajfa-9064	336	48	the	the	DET
ajfa-9064	336	49	year	year	NOUN
ajfa-9064	336	50	when	when	SCONJ
ajfa-9064	336	51	an	an	DET
ajfa-9064	336	52	audit	audit	NOUN
ajfa-9064	336	53	committee	committee	NOUN
ajfa-9064	336	54	is	be	AUX
ajfa-9064	336	55	established	establish	VERB
ajfa-9064	336	56	or	or	CCONJ
ajfa-9064	336	57	the	the	DET
ajfa-9064	336	58	next	next	ADJ
ajfa-9064	336	59	year	year	NOUN
ajfa-9064	336	60	,	,	PUNCT
ajfa-9064	336	61	and	and	CCONJ
ajfa-9064	336	62	0	0	NUM
ajfa-9064	336	63	indicates	indicate	VERB
ajfa-9064	336	64	other	other	ADJ
ajfa-9064	336	65	periods	period	NOUN
ajfa-9064	336	66	of	of	ADP
ajfa-9064	336	67	time	time	NOUN
ajfa-9064	336	68	;	;	PUNCT
ajfa-9064	336	69	𝐴𝐶𝑡	𝐴𝐶𝑡	PROPN
ajfa-9064	336	70	is	be	AUX
ajfa-9064	336	71	a	a	DET
ajfa-9064	336	72	dummy	dummy	ADJ
ajfa-9064	336	73	variable	variable	NOUN
ajfa-9064	336	74	where	where	SCONJ
ajfa-9064	336	75	1	1	NUM
ajfa-9064	336	76	indicates	indicate	VERB
ajfa-9064	336	77	presence	presence	NOUN
ajfa-9064	336	78	of	of	ADP
ajfa-9064	336	79	an	an	DET
ajfa-9064	336	80	audit	audit	NOUN
ajfa-9064	336	81	committee	committee	NOUN
ajfa-9064	336	82	and	and	CCONJ
ajfa-9064	336	83	0	0	NUM
ajfa-9064	336	84	indicates	indicate	VERB
ajfa-9064	336	85	absence	absence	NOUN
ajfa-9064	336	86	of	of	ADP
ajfa-9064	336	87	an	an	DET
ajfa-9064	336	88	audit	audit	NOUN
ajfa-9064	336	89	committee	committee	NOUN
ajfa-9064	336	90	;	;	PUNCT
ajfa-9064	336	91	∆𝐸𝑡denotes	∆𝐸𝑡denote	VERB
ajfa-9064	336	92	earnings	earning	NOUN
ajfa-9064	336	93	from	from	ADP
ajfa-9064	336	94	extraordinary	extraordinary	ADJ
ajfa-9064	336	95	items	item	NOUN
ajfa-9064	336	96	and	and	CCONJ
ajfa-9064	336	97	interest	interest	NOUN
ajfa-9064	336	98	divided	divide	VERB
ajfa-9064	336	99	by	by	ADP
ajfa-9064	336	100	market	market	NOUN
ajfa-9064	336	101	value	value	NOUN
ajfa-9064	336	102	of	of	ADP
ajfa-9064	336	103	the	the	DET
ajfa-9064	336	104	previous	previous	ADJ
ajfa-9064	336	105	period	period	NOUN
ajfa-9064	336	106	;	;	PUNCT
ajfa-9064	336	107	∆𝑁𝐴𝑡	∆𝑁𝐴𝑡	NOUN
ajfa-9064	336	108	denotes	denote	NOUN
ajfa-9064	336	109	change	change	VERB
ajfa-9064	336	110	in	in	ADP
ajfa-9064	336	111	assets	asset	NOUN
ajfa-9064	336	112	minus	minus	CCONJ
ajfa-9064	336	113	cash	cash	NOUN
ajfa-9064	336	114	divided	divide	VERB
ajfa-9064	336	115	by	by	ADP
ajfa-9064	336	116	market	market	NOUN
ajfa-9064	336	117	value	value	NOUN
ajfa-9064	336	118	of	of	ADP
ajfa-9064	336	119	the	the	DET
ajfa-9064	336	120	previous	previous	ADJ
ajfa-9064	336	121	period	period	NOUN
ajfa-9064	336	122	;	;	PUNCT
ajfa-9064	336	123	∆𝑅𝐷𝑡	∆𝑅𝐷𝑡	NOUN
ajfa-9064	336	124	denotes	denote	NOUN
ajfa-9064	336	125	change	change	VERB
ajfa-9064	336	126	in	in	ADP
ajfa-9064	336	127	research	research	NOUN
ajfa-9064	336	128	and	and	CCONJ
ajfa-9064	336	129	development	development	NOUN
ajfa-9064	336	130	expense	expense	NOUN
ajfa-9064	336	131	divided	divide	VERB
ajfa-9064	336	132	by	by	ADP
ajfa-9064	336	133	market	market	NOUN
ajfa-9064	336	134	value	value	NOUN
ajfa-9064	336	135	of	of	ADP
ajfa-9064	336	136	the	the	DET
ajfa-9064	336	137	previous	previous	ADJ
ajfa-9064	336	138	period	period	NOUN
ajfa-9064	336	139	;	;	PUNCT
ajfa-9064	336	140	∆𝐼𝑡	∆𝐼𝑡	PROPN
ajfa-9064	336	141	denotes	denote	NOUN
ajfa-9064	336	142	change	change	VERB
ajfa-9064	336	143	in	in	ADP
ajfa-9064	336	144	interest	interest	NOUN
ajfa-9064	336	145	independent	independent	ADJ
ajfa-9064	336	146	variable	variable	ADJ
ajfa-9064	336	147	coefficient	coefficient	NOUN
ajfa-9064	336	148	p	p	NOUN
ajfa-9064	336	149	-	-	PUNCT
ajfa-9064	336	150	values	value	NOUN
ajfa-9064	336	151	coefficient	coefficient	VERB
ajfa-9064	336	152	p	p	NOUN
ajfa-9064	336	153	-	-	PUNCT
ajfa-9064	336	154	values	value	NOUN
ajfa-9064	336	155	intercept	intercept	VERB
ajfa-9064	336	156	0.082	0.082	NUM
ajfa-9064	336	157	0.817	0.817	NUM
ajfa-9064	336	158	1.603	1.603	NUM
ajfa-9064	336	159	*	*	PUNCT
ajfa-9064	336	160	*	*	PUNCT
ajfa-9064	336	161	*	*	PUNCT
ajfa-9064	336	162	0.001	0.001	NUM
ajfa-9064	336	163	2.508	2.508	NUM
ajfa-9064	336	164	0.249	0.249	NUM
ajfa-9064	336	165	-0.479	-0.479	PUNCT
ajfa-9064	336	166	0.796	0.796	NUM
ajfa-9064	336	167	0.026	0.026	NUM
ajfa-9064	336	168	0.894	0.894	NUM
ajfa-9064	336	169	-0.264	-0.264	NUM
ajfa-9064	336	170	0.294	0.294	NUM
ajfa-9064	336	171	0.100	0.100	NUM
ajfa-9064	336	172	0.543	0.543	NUM
ajfa-9064	336	173	-0.181	-0.181	NUM
ajfa-9064	336	174	0.396	0.396	NUM
ajfa-9064	336	175	0.395	0.395	NUM
ajfa-9064	336	176	0.290	0.290	NUM
ajfa-9064	336	177	-0.515	-0.515	NOUN
ajfa-9064	336	178	0.525	0.525	NUM
ajfa-9064	336	179	0.449	0.449	NUM
ajfa-9064	336	180	*	*	PUNCT
ajfa-9064	336	181	*	*	PUNCT
ajfa-9064	337	1	0.029	0.029	NUM
ajfa-9064	337	2	0.649	0.649	NUM
ajfa-9064	337	3	0.115	0.115	NUM
ajfa-9064	337	4	-0.216	-0.216	PUNCT
ajfa-9064	337	5	*	*	PUNCT
ajfa-9064	337	6	*	*	NOUN
ajfa-9064	337	7	0.089	0.089	NUM
ajfa-9064	337	8	-0.393	-0.393	NUM
ajfa-9064	337	9	0.408	0.408	NUM
ajfa-9064	337	10	-58.170	-58.170	PUNCT
ajfa-9064	338	1	*	*	PUNCT
ajfa-9064	339	1	*	*	PUNCT
ajfa-9064	339	2	*	*	PUNCT
ajfa-9064	339	3	0.000	0.000	NUM
ajfa-9064	339	4	-0.103	-0.103	NUM
ajfa-9064	339	5	0.996	0.996	NUM
ajfa-9064	339	6	4.103	4.103	NUM
ajfa-9064	340	1	*	*	PUNCT
ajfa-9064	340	2	*	*	NOUN
ajfa-9064	341	1	0.052	0.052	NUM
ajfa-9064	341	2	7.09	7.09	NUM
ajfa-9064	341	3	*	*	PUNCT
ajfa-9064	341	4	*	*	PUNCT
ajfa-9064	341	5	*	*	PROPN
ajfa-9064	341	6	0.001	0.001	NUM
ajfa-9064	341	7	-0.150	-0.150	NOUN
ajfa-9064	341	8	0.819	0.819	NUM
ajfa-9064	341	9	-0.492	-0.492	NOUN
ajfa-9064	341	10	0.259	0.259	NUM
ajfa-9064	341	11	-0.549	-0.549	NUM
ajfa-9064	341	12	0.140	0.140	NUM
ajfa-9064	341	13	-0.887	-0.887	NUM
ajfa-9064	341	14	*	*	SYM
ajfa-9064	341	15	0.078	0.078	NUM
ajfa-9064	341	16	-0.176	-0.176	NOUN
ajfa-9064	341	17	0.827	0.827	NUM
ajfa-9064	341	18	-0.626	-0.626	NUM
ajfa-9064	341	19	0.137	0.137	NUM
ajfa-9064	341	20	*	*	NUM
ajfa-9064	341	21	5.776	5.776	NUM
ajfa-9064	341	22	0.333	0.333	NUM
ajfa-9064	341	23	-0.873	-0.873	PUNCT
ajfa-9064	341	24	0.332	0.332	NUM
ajfa-9064	341	25	*	*	PUNCT
ajfa-9064	341	26	0.923	0.923	NUM
ajfa-9064	341	27	0.840	0.840	NUM
ajfa-9064	341	28	-4.876	-4.876	NOUN
ajfa-9064	341	29	0.289	0.289	NUM
ajfa-9064	341	30	*	*	SYM
ajfa-9064	341	31	-2.082	-2.082	NUM
ajfa-9064	341	32	0.396	0.396	NUM
ajfa-9064	341	33	3.375	3.375	NUM
ajfa-9064	341	34	0.134	0.134	NUM
ajfa-9064	341	35	*	*	PUNCT
ajfa-9064	342	1	-0.110	-0.110	VERB
ajfa-9064	342	2	0.627	0.627	NUM
ajfa-9064	343	1	0.3170	0.3170	NUM
ajfa-9064	343	2	0.271	0.271	NUM
ajfa-9064	343	3	*	*	PUNCT
ajfa-9064	344	1	-5.498	-5.498	PUNCT
ajfa-9064	344	2	*	*	PUNCT
ajfa-9064	344	3	*	*	PUNCT
ajfa-9064	345	1	0.025	0.025	NUM
ajfa-9064	345	2	4.587	4.587	NUM
ajfa-9064	345	3	*	*	NOUN
ajfa-9064	345	4	0.059	0.059	NUM
ajfa-9064	345	5	*	*	PUNCT
ajfa-9064	345	6	*	*	PUNCT
ajfa-9064	346	1	6.657	6.657	NUM
ajfa-9064	346	2	*	*	SYM
ajfa-9064	346	3	0.060	0.060	NUM
ajfa-9064	346	4	-6.105	-6.105	NOUN
ajfa-9064	346	5	*	*	PUNCT
ajfa-9064	346	6	*	*	PROPN
ajfa-9064	346	7	0.046	0.046	NUM
ajfa-9064	346	8	adjusted	adjust	VERB
ajfa-9064	346	9	0.443	0.443	NUM
ajfa-9064	346	10	0.347	0.347	NUM
ajfa-9064	346	11	n	n	PRON
ajfa-9064	346	12	128	128	NUM
ajfa-9064	346	13	96	96	NUM
ajfa-9064	346	14	dependent	dependent	ADJ
ajfa-9064	346	15	variable=	variable=	NUM
ajfa-9064	346	16	tse	tse	VERB
ajfa-9064	346	17	-	-	PUNCT
ajfa-9064	346	18	listed	list	VERB
ajfa-9064	346	19	firms	firm	NOUN
ajfa-9064	346	20	otc	otc	NOUN
ajfa-9064	346	21	-	-	PUNCT
ajfa-9064	346	22	listed	list	VERB
ajfa-9064	346	23	firms	firm	NOUN
ajfa-9064	346	24	asian	asian	ADJ
ajfa-9064	346	25	journal	journal	NOUN
ajfa-9064	346	26	of	of	ADP
ajfa-9064	346	27	finance	finance	PROPN
ajfa-9064	346	28	&	&	CCONJ
ajfa-9064	346	29	accounting	accounting	PROPN
ajfa-9064	346	30	issn	issn	PROPN
ajfa-9064	346	31	1946	1946	NUM
ajfa-9064	346	32	-	-	PUNCT
ajfa-9064	346	33	052x	052x	PROPN
ajfa-9064	346	34	2016	2016	NUM
ajfa-9064	346	35	,	,	PUNCT
ajfa-9064	346	36	vol	vol	NOUN
ajfa-9064	346	37	.	.	PROPN
ajfa-9064	346	38	8	8	NUM
ajfa-9064	346	39	,	,	PUNCT
ajfa-9064	346	40	no	no	INTJ
ajfa-9064	346	41	.	.	NOUN
ajfa-9064	346	42	1	1	NUM
ajfa-9064	346	43	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9064	346	44	120	120	NUM
ajfa-9064	346	45	expense	expense	NOUN
ajfa-9064	346	46	divided	divide	VERB
ajfa-9064	346	47	by	by	ADP
ajfa-9064	346	48	market	market	NOUN
ajfa-9064	346	49	value	value	NOUN
ajfa-9064	346	50	of	of	ADP
ajfa-9064	346	51	the	the	DET
ajfa-9064	346	52	previous	previous	ADJ
ajfa-9064	346	53	period	period	NOUN
ajfa-9064	346	54	;	;	PUNCT
ajfa-9064	346	55	∆𝐷𝑡denotes	∆𝐷𝑡denotes	AUX
ajfa-9064	346	56	change	change	NOUN
ajfa-9064	346	57	in	in	ADP
ajfa-9064	346	58	dividends	dividend	NOUN
ajfa-9064	346	59	on	on	ADP
ajfa-9064	346	60	common	common	ADJ
ajfa-9064	346	61	shares	share	NOUN
ajfa-9064	346	62	divided	divide	VERB
ajfa-9064	346	63	by	by	ADP
ajfa-9064	346	64	market	market	NOUN
ajfa-9064	346	65	value	value	NOUN
ajfa-9064	346	66	of	of	ADP
ajfa-9064	346	67	the	the	DET
ajfa-9064	346	68	previous	previous	ADJ
ajfa-9064	346	69	period	period	NOUN
ajfa-9064	346	70	;	;	PUNCT
ajfa-9064	346	71	𝐶𝑡−1	𝐶𝑡−1	PROPN
ajfa-9064	346	72	denotes	denote	VERB
ajfa-9064	346	73	the	the	DET
ajfa-9064	346	74	sum	sum	NOUN
ajfa-9064	346	75	of	of	ADP
ajfa-9064	346	76	cash	cash	NOUN
ajfa-9064	346	77	and	and	CCONJ
ajfa-9064	346	78	cash	cash	NOUN
ajfa-9064	346	79	equivalent	equivalent	ADJ
ajfa-9064	346	80	over	over	ADP
ajfa-9064	346	81	year	year	NOUN
ajfa-9064	346	82	t-1	t-1	PROPN
ajfa-9064	346	83	;	;	PUNCT
ajfa-9064	347	1	𝐿𝑡	𝐿𝑡	VERB
ajfa-9064	347	2	denotes	denote	NOUN
ajfa-9064	347	3	total	total	ADJ
ajfa-9064	347	4	debt	debt	NOUN
ajfa-9064	347	5	divided	divide	VERB
ajfa-9064	347	6	by	by	ADP
ajfa-9064	347	7	the	the	DET
ajfa-9064	347	8	sum	sum	NOUN
ajfa-9064	347	9	of	of	ADP
ajfa-9064	347	10	market	market	NOUN
ajfa-9064	347	11	value	value	NOUN
ajfa-9064	347	12	of	of	ADP
ajfa-9064	347	13	equity	equity	NOUN
ajfa-9064	347	14	and	and	CCONJ
ajfa-9064	347	15	total	total	ADJ
ajfa-9064	347	16	debt	debt	NOUN
ajfa-9064	347	17	;	;	PUNCT
ajfa-9064	347	18	𝑁𝐹𝑡	𝑁𝐹𝑡	NOUN
ajfa-9064	347	19	denotes	denote	VERB
ajfa-9064	347	20	the	the	DET
ajfa-9064	347	21	total	total	ADJ
ajfa-9064	347	22	equity	equity	NOUN
ajfa-9064	347	23	issuance	issuance	NOUN
ajfa-9064	347	24	minus	minus	ADP
ajfa-9064	347	25	repurchases	repurchase	NOUN
ajfa-9064	347	26	plus	plus	CCONJ
ajfa-9064	347	27	debt	debt	NOUN
ajfa-9064	347	28	issuance	issuance	NOUN
ajfa-9064	347	29	minus	minus	ADP
ajfa-9064	347	30	debt	debt	NOUN
ajfa-9064	347	31	redemption	redemption	NOUN
ajfa-9064	347	32	.	.	PUNCT
ajfa-9064	348	1	3	3	X
ajfa-9064	348	2	.	.	X
ajfa-9064	348	3	n	n	PRON
ajfa-9064	348	4	denotes	denote	VERB
ajfa-9064	348	5	the	the	DET
ajfa-9064	348	6	number	number	NOUN
ajfa-9064	348	7	of	of	ADP
ajfa-9064	348	8	observations	observation	NOUN
ajfa-9064	348	9	.	.	PUNCT
ajfa-9064	349	1	4	4	X
ajfa-9064	349	2	.	.	X
ajfa-9064	349	3	tse	tse	NOUN
ajfa-9064	349	4	-	-	PUNCT
ajfa-9064	349	5	listed	list	VERB
ajfa-9064	349	6	firms	firm	NOUN
ajfa-9064	349	7	:	:	PUNCT
ajfa-9064	349	8	firms	firm	NOUN
ajfa-9064	349	9	are	be	AUX
ajfa-9064	349	10	required	require	VERB
ajfa-9064	349	11	to	to	PART
ajfa-9064	349	12	have	have	VERB
ajfa-9064	349	13	an	an	DET
ajfa-9064	349	14	actual	actual	ADJ
ajfa-9064	349	15	paid	pay	VERB
ajfa-9064	349	16	-	-	PUNCT
ajfa-9064	349	17	in	in	ADP
ajfa-9064	349	18	capital	capital	NOUN
ajfa-9064	349	19	exceeding	exceed	VERB
ajfa-9064	349	20	nt$600	nt$600	ADP
ajfa-9064	349	21	million	million	NUM
ajfa-9064	349	22	;	;	PUNCT
ajfa-9064	349	23	otc	otc	PROPN
ajfa-9064	349	24	-	-	PUNCT
ajfa-9064	349	25	listed	list	VERB
ajfa-9064	349	26	firms	firm	NOUN
ajfa-9064	349	27	:	:	PUNCT
ajfa-9064	349	28	firms	firm	NOUN
ajfa-9064	349	29	are	be	AUX
ajfa-9064	349	30	required	require	VERB
ajfa-9064	349	31	to	to	PART
ajfa-9064	349	32	have	have	VERB
ajfa-9064	349	33	an	an	DET
ajfa-9064	349	34	actual	actual	ADJ
ajfa-9064	349	35	paid	pay	VERB
ajfa-9064	349	36	-	-	PUNCT
ajfa-9064	349	37	in	in	ADP
ajfa-9064	349	38	capital	capital	NOUN
ajfa-9064	349	39	exceeding	exceed	VERB
ajfa-9064	349	40	nt$50	nt$50	NOUN
ajfa-9064	349	41	million	million	NUM
ajfa-9064	349	42	.	.	PUNCT
ajfa-9064	350	1	5	5	NUM
ajfa-9064	350	2	.	.	X
ajfa-9064	350	3	conclusions	conclusion	NOUN
ajfa-9064	350	4	and	and	CCONJ
ajfa-9064	350	5	suggestions	suggestion	NOUN
ajfa-9064	350	6	the	the	DET
ajfa-9064	350	7	existing	exist	VERB
ajfa-9064	350	8	corporate	corporate	ADJ
ajfa-9064	350	9	governance	governance	NOUN
ajfa-9064	350	10	systems	system	NOUN
ajfa-9064	350	11	can	can	AUX
ajfa-9064	350	12	be	be	AUX
ajfa-9064	350	13	classified	classify	VERB
ajfa-9064	350	14	into	into	ADP
ajfa-9064	350	15	the	the	DET
ajfa-9064	350	16	single	single	ADJ
ajfa-9064	350	17	-	-	PUNCT
ajfa-9064	350	18	track	track	NOUN
ajfa-9064	350	19	anglo	anglo	ADJ
ajfa-9064	350	20	-	-	PUNCT
ajfa-9064	350	21	saxon	saxon	NOUN
ajfa-9064	350	22	system	system	NOUN
ajfa-9064	350	23	based	base	VERB
ajfa-9064	350	24	on	on	ADP
ajfa-9064	350	25	the	the	DET
ajfa-9064	350	26	independent	independent	PROPN
ajfa-9064	350	27	board	board	NOUN
ajfa-9064	350	28	system	system	NOUN
ajfa-9064	350	29	with	with	ADP
ajfa-9064	350	30	an	an	DET
ajfa-9064	350	31	audit	audit	NOUN
ajfa-9064	350	32	committee	committee	NOUN
ajfa-9064	350	33	and	and	CCONJ
ajfa-9064	350	34	the	the	DET
ajfa-9064	350	35	two	two	NUM
ajfa-9064	350	36	-	-	PUNCT
ajfa-9064	350	37	tiered	tiere	VERB
ajfa-9064	350	38	continental	continental	ADJ
ajfa-9064	350	39	system	system	NOUN
ajfa-9064	350	40	based	base	VERB
ajfa-9064	350	41	on	on	ADP
ajfa-9064	350	42	the	the	DET
ajfa-9064	350	43	supervisor	supervisor	NOUN
ajfa-9064	350	44	system	system	NOUN
ajfa-9064	350	45	.	.	PUNCT
ajfa-9064	351	1	despite	despite	SCONJ
ajfa-9064	351	2	mixed	mixed	ADJ
ajfa-9064	351	3	conclusions	conclusion	NOUN
ajfa-9064	351	4	about	about	ADP
ajfa-9064	351	5	the	the	DET
ajfa-9064	351	6	monitoring	monitoring	NOUN
ajfa-9064	351	7	effectiveness	effectiveness	NOUN
ajfa-9064	351	8	of	of	ADP
ajfa-9064	351	9	the	the	DET
ajfa-9064	351	10	two	two	NUM
ajfa-9064	351	11	major	major	ADJ
ajfa-9064	351	12	systems	system	NOUN
ajfa-9064	351	13	,	,	PUNCT
ajfa-9064	351	14	there	there	PRON
ajfa-9064	351	15	is	be	VERB
ajfa-9064	351	16	a	a	DET
ajfa-9064	351	17	trend	trend	NOUN
ajfa-9064	351	18	toward	toward	ADP
ajfa-9064	351	19	establishment	establishment	NOUN
ajfa-9064	351	20	of	of	ADP
ajfa-9064	351	21	an	an	DET
ajfa-9064	351	22	audit	audit	NOUN
ajfa-9064	351	23	committee	committee	NOUN
ajfa-9064	351	24	in	in	ADP
ajfa-9064	351	25	nations	nation	NOUN
ajfa-9064	351	26	using	use	VERB
ajfa-9064	351	27	a	a	DET
ajfa-9064	351	28	dual	dual	ADJ
ajfa-9064	351	29	-	-	PUNCT
ajfa-9064	351	30	track	track	NOUN
ajfa-9064	351	31	system	system	NOUN
ajfa-9064	351	32	.	.	PUNCT
ajfa-9064	352	1	the	the	DET
ajfa-9064	352	2	requirement	requirement	NOUN
ajfa-9064	352	3	of	of	ADP
ajfa-9064	352	4	setting	set	VERB
ajfa-9064	352	5	up	up	ADP
ajfa-9064	352	6	an	an	DET
ajfa-9064	352	7	audit	audit	NOUN
ajfa-9064	352	8	committee	committee	NOUN
ajfa-9064	352	9	is	be	AUX
ajfa-9064	352	10	mainly	mainly	ADV
ajfa-9064	352	11	intended	intend	VERB
ajfa-9064	352	12	to	to	PART
ajfa-9064	352	13	reinforce	reinforce	VERB
ajfa-9064	352	14	corporate	corporate	ADJ
ajfa-9064	352	15	governance	governance	NOUN
ajfa-9064	352	16	and	and	CCONJ
ajfa-9064	352	17	increase	increase	VERB
ajfa-9064	352	18	the	the	DET
ajfa-9064	352	19	quality	quality	NOUN
ajfa-9064	352	20	and	and	CCONJ
ajfa-9064	352	21	reliability	reliability	NOUN
ajfa-9064	352	22	of	of	ADP
ajfa-9064	352	23	financial	financial	ADJ
ajfa-9064	352	24	reporting	reporting	NOUN
ajfa-9064	352	25	.	.	PUNCT
ajfa-9064	353	1	previous	previous	ADJ
ajfa-9064	353	2	research	research	NOUN
ajfa-9064	353	3	has	have	AUX
ajfa-9064	353	4	focused	focus	VERB
ajfa-9064	353	5	primarily	primarily	ADV
ajfa-9064	353	6	on	on	ADP
ajfa-9064	353	7	the	the	DET
ajfa-9064	353	8	effect	effect	NOUN
ajfa-9064	353	9	of	of	ADP
ajfa-9064	353	10	setting	set	VERB
ajfa-9064	353	11	up	up	ADP
ajfa-9064	353	12	an	an	DET
ajfa-9064	353	13	audit	audit	NOUN
ajfa-9064	353	14	committee	committee	NOUN
ajfa-9064	353	15	on	on	ADP
ajfa-9064	353	16	the	the	DET
ajfa-9064	353	17	quality	quality	NOUN
ajfa-9064	353	18	of	of	ADP
ajfa-9064	353	19	financial	financial	ADJ
ajfa-9064	353	20	statements	statement	NOUN
ajfa-9064	353	21	and	and	CCONJ
ajfa-9064	353	22	seldom	seldom	ADV
ajfa-9064	353	23	examined	examine	VERB
ajfa-9064	353	24	from	from	ADP
ajfa-9064	353	25	a	a	DET
ajfa-9064	353	26	broader	broad	ADJ
ajfa-9064	353	27	perspective	perspective	NOUN
ajfa-9064	353	28	if	if	SCONJ
ajfa-9064	353	29	the	the	DET
ajfa-9064	353	30	presence	presence	NOUN
ajfa-9064	353	31	of	of	ADP
ajfa-9064	353	32	an	an	DET
ajfa-9064	353	33	audit	audit	NOUN
ajfa-9064	353	34	committee	committee	NOUN
ajfa-9064	353	35	can	can	AUX
ajfa-9064	353	36	lead	lead	VERB
ajfa-9064	353	37	to	to	ADP
ajfa-9064	353	38	a	a	DET
ajfa-9064	353	39	higher	high	ADJ
ajfa-9064	353	40	firm	firm	ADJ
ajfa-9064	353	41	performance	performance	NOUN
ajfa-9064	353	42	due	due	ADP
ajfa-9064	353	43	to	to	ADP
ajfa-9064	353	44	improvement	improvement	NOUN
ajfa-9064	353	45	of	of	ADP
ajfa-9064	353	46	the	the	DET
ajfa-9064	353	47	corporate	corporate	ADJ
ajfa-9064	353	48	governance	governance	NOUN
ajfa-9064	353	49	environment	environment	NOUN
ajfa-9064	353	50	,	,	PUNCT
ajfa-9064	353	51	in	in	ADP
ajfa-9064	353	52	this	this	DET
ajfa-9064	353	53	study	study	NOUN
ajfa-9064	353	54	,	,	PUNCT
ajfa-9064	353	55	we	we	PRON
ajfa-9064	353	56	focus	focus	VERB
ajfa-9064	353	57	on	on	ADP
ajfa-9064	353	58	the	the	DET
ajfa-9064	353	59	improvement	improvement	NOUN
ajfa-9064	353	60	of	of	ADP
ajfa-9064	353	61	the	the	DET
ajfa-9064	353	62	agency	agency	NOUN
ajfa-9064	353	63	problem	problem	NOUN
ajfa-9064	353	64	through	through	ADP
ajfa-9064	353	65	establishment	establishment	NOUN
ajfa-9064	353	66	of	of	ADP
ajfa-9064	353	67	an	an	DET
ajfa-9064	353	68	audit	audit	NOUN
ajfa-9064	353	69	committee	committee	NOUN
ajfa-9064	353	70	.	.	PUNCT
ajfa-9064	354	1	we	we	PRON
ajfa-9064	354	2	examine	examine	VERB
ajfa-9064	354	3	if	if	SCONJ
ajfa-9064	354	4	setting	set	VERB
ajfa-9064	354	5	up	up	ADP
ajfa-9064	354	6	an	an	DET
ajfa-9064	354	7	audit	audit	NOUN
ajfa-9064	354	8	committee	committee	NOUN
ajfa-9064	354	9	can	can	AUX
ajfa-9064	354	10	lead	lead	VERB
ajfa-9064	354	11	to	to	ADP
ajfa-9064	354	12	a	a	DET
ajfa-9064	354	13	rise	rise	NOUN
ajfa-9064	354	14	of	of	ADP
ajfa-9064	354	15	the	the	DET
ajfa-9064	354	16	value	value	NOUN
ajfa-9064	354	17	of	of	ADP
ajfa-9064	354	18	cash	cash	NOUN
ajfa-9064	354	19	holdings	holding	NOUN
ajfa-9064	354	20	.	.	PUNCT
ajfa-9064	355	1	we	we	PRON
ajfa-9064	355	2	draw	draw	VERB
ajfa-9064	355	3	upon	upon	SCONJ
ajfa-9064	355	4	a	a	DET
ajfa-9064	355	5	sample	sample	NOUN
ajfa-9064	355	6	of	of	ADP
ajfa-9064	355	7	publicly	publicly	ADV
ajfa-9064	355	8	listed	list	VERB
ajfa-9064	355	9	firms	firm	NOUN
ajfa-9064	355	10	with	with	ADP
ajfa-9064	355	11	an	an	DET
ajfa-9064	355	12	audit	audit	NOUN
ajfa-9064	355	13	committee	committee	NOUN
ajfa-9064	355	14	in	in	ADP
ajfa-9064	355	15	taiwan	taiwan	PROPN
ajfa-9064	355	16	during	during	ADP
ajfa-9064	355	17	2007~2010	2007~2010	NUM
ajfa-9064	355	18	to	to	PART
ajfa-9064	355	19	examine	examine	VERB
ajfa-9064	355	20	if	if	SCONJ
ajfa-9064	355	21	the	the	DET
ajfa-9064	355	22	use	use	NOUN
ajfa-9064	355	23	efficiency	efficiency	NOUN
ajfa-9064	355	24	of	of	ADP
ajfa-9064	355	25	cash	cash	NOUN
ajfa-9064	355	26	holdings	holding	NOUN
ajfa-9064	355	27	significantly	significantly	ADV
ajfa-9064	355	28	improves	improve	VERB
ajfa-9064	355	29	after	after	ADP
ajfa-9064	355	30	establishment	establishment	NOUN
ajfa-9064	355	31	of	of	ADP
ajfa-9064	355	32	an	an	DET
ajfa-9064	355	33	audit	audit	NOUN
ajfa-9064	355	34	committee	committee	NOUN
ajfa-9064	355	35	,	,	PUNCT
ajfa-9064	355	36	without	without	ADP
ajfa-9064	355	37	discounting	discount	VERB
ajfa-9064	355	38	the	the	DET
ajfa-9064	355	39	marginal	marginal	ADJ
ajfa-9064	355	40	value	value	NOUN
ajfa-9064	355	41	of	of	ADP
ajfa-9064	355	42	cash	cash	NOUN
ajfa-9064	355	43	holdings	holding	NOUN
ajfa-9064	355	44	.	.	PUNCT
ajfa-9064	356	1	empirical	empirical	ADJ
ajfa-9064	356	2	findings	finding	NOUN
ajfa-9064	356	3	from	from	ADP
ajfa-9064	356	4	the	the	DET
ajfa-9064	356	5	test	test	NOUN
ajfa-9064	356	6	with	with	ADP
ajfa-9064	356	7	only	only	ADJ
ajfa-9064	356	8	firms	firm	NOUN
ajfa-9064	356	9	with	with	ADP
ajfa-9064	356	10	an	an	DET
ajfa-9064	356	11	audit	audit	NOUN
ajfa-9064	356	12	committee	committee	NOUN
ajfa-9064	356	13	and	and	CCONJ
ajfa-9064	356	14	the	the	DET
ajfa-9064	356	15	test	test	NOUN
ajfa-9064	356	16	with	with	ADP
ajfa-9064	356	17	two	two	NUM
ajfa-9064	356	18	groups	group	NOUN
ajfa-9064	356	19	of	of	ADP
ajfa-9064	356	20	firms	firm	NOUN
ajfa-9064	356	21	based	base	VERB
ajfa-9064	356	22	on	on	ADP
ajfa-9064	356	23	a	a	DET
ajfa-9064	356	24	did	did	NOUN
ajfa-9064	356	25	approach	approach	NOUN
ajfa-9064	356	26	all	all	PRON
ajfa-9064	356	27	indicate	indicate	VERB
ajfa-9064	356	28	that	that	SCONJ
ajfa-9064	356	29	the	the	DET
ajfa-9064	356	30	use	use	NOUN
ajfa-9064	356	31	efficiency	efficiency	NOUN
ajfa-9064	356	32	of	of	ADP
ajfa-9064	356	33	cash	cash	NOUN
ajfa-9064	356	34	holdings	holding	NOUN
ajfa-9064	356	35	does	do	AUX
ajfa-9064	356	36	not	not	PART
ajfa-9064	356	37	improve	improve	VERB
ajfa-9064	356	38	significantly	significantly	ADV
ajfa-9064	356	39	after	after	SCONJ
ajfa-9064	356	40	an	an	DET
ajfa-9064	356	41	audit	audit	NOUN
ajfa-9064	356	42	committee	committee	NOUN
ajfa-9064	356	43	is	be	AUX
ajfa-9064	356	44	established	establish	VERB
ajfa-9064	356	45	.	.	PUNCT
ajfa-9064	357	1	we	we	PRON
ajfa-9064	357	2	further	far	ADV
ajfa-9064	357	3	divide	divide	VERB
ajfa-9064	357	4	the	the	DET
ajfa-9064	357	5	sample	sample	NOUN
ajfa-9064	357	6	by	by	ADP
ajfa-9064	357	7	market	market	NOUN
ajfa-9064	357	8	into	into	ADP
ajfa-9064	357	9	tse	tse	NOUN
ajfa-9064	357	10	-	-	PUNCT
ajfa-9064	357	11	listed	list	VERB
ajfa-9064	357	12	firms	firm	NOUN
ajfa-9064	357	13	and	and	CCONJ
ajfa-9064	357	14	otc	otc	PROPN
ajfa-9064	357	15	-	-	PUNCT
ajfa-9064	357	16	listed	list	VERB
ajfa-9064	357	17	firms	firm	NOUN
ajfa-9064	357	18	for	for	ADP
ajfa-9064	357	19	regression	regression	NOUN
ajfa-9064	357	20	analysis	analysis	NOUN
ajfa-9064	357	21	.	.	PUNCT
ajfa-9064	358	1	we	we	PRON
ajfa-9064	358	2	obtain	obtain	VERB
ajfa-9064	358	3	completely	completely	ADV
ajfa-9064	358	4	different	different	ADJ
ajfa-9064	358	5	findings	finding	NOUN
ajfa-9064	358	6	from	from	ADP
ajfa-9064	358	7	the	the	DET
ajfa-9064	358	8	two	two	NUM
ajfa-9064	358	9	markets	market	NOUN
ajfa-9064	358	10	.	.	PUNCT
ajfa-9064	359	1	from	from	ADP
ajfa-9064	359	2	tse	tse	NOUN
ajfa-9064	359	3	-	-	PUNCT
ajfa-9064	359	4	listed	list	VERB
ajfa-9064	359	5	firms	firm	NOUN
ajfa-9064	359	6	,	,	PUNCT
ajfa-9064	359	7	we	we	PRON
ajfa-9064	359	8	find	find	VERB
ajfa-9064	359	9	that	that	SCONJ
ajfa-9064	359	10	the	the	DET
ajfa-9064	359	11	presence	presence	NOUN
ajfa-9064	359	12	of	of	ADP
ajfa-9064	359	13	an	an	DET
ajfa-9064	359	14	audit	audit	NOUN
ajfa-9064	359	15	committee	committee	NOUN
ajfa-9064	359	16	can	can	AUX
ajfa-9064	359	17	contribute	contribute	VERB
ajfa-9064	359	18	to	to	ADP
ajfa-9064	359	19	a	a	DET
ajfa-9064	359	20	higher	high	ADJ
ajfa-9064	359	21	marginal	marginal	ADJ
ajfa-9064	359	22	value	value	NOUN
ajfa-9064	359	23	of	of	ADP
ajfa-9064	359	24	cash	cash	NOUN
ajfa-9064	359	25	holdings	holding	NOUN
ajfa-9064	359	26	and	and	CCONJ
ajfa-9064	359	27	mitigate	mitigate	VERB
ajfa-9064	359	28	the	the	DET
ajfa-9064	359	29	effect	effect	NOUN
ajfa-9064	359	30	of	of	ADP
ajfa-9064	359	31	agency	agency	NOUN
ajfa-9064	359	32	costs	cost	NOUN
ajfa-9064	359	33	on	on	ADP
ajfa-9064	359	34	firm	firm	ADJ
ajfa-9064	359	35	efficiency	efficiency	NOUN
ajfa-9064	359	36	.	.	PUNCT
ajfa-9064	360	1	from	from	ADP
ajfa-9064	360	2	otc	otc	PROPN
ajfa-9064	360	3	-	-	PUNCT
ajfa-9064	360	4	listed	list	VERB
ajfa-9064	360	5	firms	firm	NOUN
ajfa-9064	360	6	,	,	PUNCT
ajfa-9064	360	7	we	we	PRON
ajfa-9064	360	8	find	find	VERB
ajfa-9064	360	9	that	that	SCONJ
ajfa-9064	360	10	the	the	DET
ajfa-9064	360	11	presence	presence	NOUN
ajfa-9064	360	12	of	of	ADP
ajfa-9064	360	13	an	an	DET
ajfa-9064	360	14	audit	audit	NOUN
ajfa-9064	360	15	committee	committee	NOUN
ajfa-9064	360	16	will	will	AUX
ajfa-9064	360	17	contrarily	contrarily	ADV
ajfa-9064	360	18	reduce	reduce	VERB
ajfa-9064	360	19	the	the	DET
ajfa-9064	360	20	marginal	marginal	ADJ
ajfa-9064	360	21	value	value	NOUN
ajfa-9064	360	22	of	of	ADP
ajfa-9064	360	23	cash	cash	NOUN
ajfa-9064	360	24	holdings	holding	NOUN
ajfa-9064	360	25	.	.	PUNCT
ajfa-9064	361	1	this	this	DET
ajfa-9064	361	2	finding	finding	NOUN
ajfa-9064	361	3	suggests	suggest	VERB
ajfa-9064	361	4	that	that	SCONJ
ajfa-9064	361	5	if	if	SCONJ
ajfa-9064	361	6	a	a	DET
ajfa-9064	361	7	market	market	NOUN
ajfa-9064	361	8	has	have	VERB
ajfa-9064	361	9	a	a	DET
ajfa-9064	361	10	lower	low	ADJ
ajfa-9064	361	11	liquidity	liquidity	NOUN
ajfa-9064	361	12	and	and	CCONJ
ajfa-9064	361	13	a	a	DET
ajfa-9064	361	14	lower	low	ADJ
ajfa-9064	361	15	ratio	ratio	NOUN
ajfa-9064	361	16	of	of	ADP
ajfa-9064	361	17	institutional	institutional	ADJ
ajfa-9064	361	18	investors	investor	NOUN
ajfa-9064	361	19	,	,	PUNCT
ajfa-9064	361	20	the	the	DET
ajfa-9064	361	21	market	market	NOUN
ajfa-9064	361	22	will	will	AUX
ajfa-9064	361	23	receive	receive	VERB
ajfa-9064	361	24	less	less	ADJ
ajfa-9064	361	25	attention	attention	NOUN
ajfa-9064	361	26	from	from	ADP
ajfa-9064	361	27	investors	investor	NOUN
ajfa-9064	361	28	and	and	CCONJ
ajfa-9064	361	29	thus	thus	ADV
ajfa-9064	361	30	have	have	VERB
ajfa-9064	361	31	a	a	DET
ajfa-9064	361	32	higher	high	ADJ
ajfa-9064	361	33	degree	degree	NOUN
ajfa-9064	361	34	of	of	ADP
ajfa-9064	361	35	information	information	NOUN
ajfa-9064	361	36	asymmetry	asymmetry	NOUN
ajfa-9064	361	37	.	.	PUNCT
ajfa-9064	362	1	with	with	ADP
ajfa-9064	362	2	the	the	DET
ajfa-9064	362	3	weakening	weakening	NOUN
ajfa-9064	362	4	of	of	ADP
ajfa-9064	362	5	external	external	ADJ
ajfa-9064	362	6	oversight	oversight	NOUN
ajfa-9064	362	7	,	,	PUNCT
ajfa-9064	362	8	the	the	DET
ajfa-9064	362	9	benefits	benefit	NOUN
ajfa-9064	362	10	of	of	ADP
ajfa-9064	362	11	setting	set	VERB
ajfa-9064	362	12	up	up	ADP
ajfa-9064	362	13	an	an	DET
ajfa-9064	362	14	audit	audit	NOUN
ajfa-9064	362	15	committee	committee	NOUN
ajfa-9064	362	16	can	can	AUX
ajfa-9064	362	17	not	not	PART
ajfa-9064	362	18	be	be	AUX
ajfa-9064	362	19	reflected	reflect	VERB
ajfa-9064	362	20	upon	upon	SCONJ
ajfa-9064	362	21	the	the	DET
ajfa-9064	362	22	efficiency	efficiency	NOUN
ajfa-9064	362	23	of	of	ADP
ajfa-9064	362	24	cash	cash	NOUN
ajfa-9064	362	25	holdings	holding	NOUN
ajfa-9064	362	26	.	.	PUNCT
ajfa-9064	363	1	besides	besides	SCONJ
ajfa-9064	363	2	,	,	PUNCT
ajfa-9064	363	3	otc	otc	ADJ
ajfa-9064	363	4	-	-	PUNCT
ajfa-9064	363	5	listed	list	VERB
ajfa-9064	363	6	firms	firm	NOUN
ajfa-9064	363	7	are	be	AUX
ajfa-9064	363	8	smaller	small	ADJ
ajfa-9064	363	9	,	,	PUNCT
ajfa-9064	363	10	so	so	CCONJ
ajfa-9064	363	11	the	the	DET
ajfa-9064	363	12	cost	cost	NOUN
ajfa-9064	363	13	of	of	ADP
ajfa-9064	363	14	complying	comply	VERB
ajfa-9064	363	15	with	with	ADP
ajfa-9064	363	16	regulations	regulation	NOUN
ajfa-9064	363	17	regarding	regard	VERB
ajfa-9064	363	18	establishment	establishment	NOUN
ajfa-9064	363	19	of	of	ADP
ajfa-9064	363	20	an	an	DET
ajfa-9064	363	21	audit	audit	NOUN
ajfa-9064	363	22	committee	committee	NOUN
ajfa-9064	363	23	will	will	AUX
ajfa-9064	363	24	be	be	AUX
ajfa-9064	363	25	higher	high	ADJ
ajfa-9064	363	26	for	for	ADP
ajfa-9064	363	27	them	they	PRON
ajfa-9064	363	28	.	.	PUNCT
ajfa-9064	364	1	as	as	ADP
ajfa-9064	364	2	a	a	DET
ajfa-9064	364	3	result	result	NOUN
ajfa-9064	364	4	,	,	PUNCT
ajfa-9064	364	5	these	these	DET
ajfa-9064	364	6	firms	firm	NOUN
ajfa-9064	364	7	may	may	AUX
ajfa-9064	364	8	suffer	suffer	VERB
ajfa-9064	364	9	adverse	adverse	ADJ
ajfa-9064	364	10	effects	effect	NOUN
ajfa-9064	364	11	before	before	SCONJ
ajfa-9064	364	12	they	they	PRON
ajfa-9064	364	13	can	can	AUX
ajfa-9064	364	14	reap	reap	VERB
ajfa-9064	364	15	the	the	DET
ajfa-9064	364	16	benefits	benefit	NOUN
ajfa-9064	364	17	of	of	ADP
ajfa-9064	364	18	adopting	adopt	VERB
ajfa-9064	364	19	the	the	DET
ajfa-9064	364	20	audit	audit	NOUN
ajfa-9064	364	21	committee	committee	NOUN
ajfa-9064	364	22	system	system	NOUN
ajfa-9064	364	23	.	.	PUNCT
ajfa-9064	365	1	regarding	regard	VERB
ajfa-9064	365	2	to	to	ADP
ajfa-9064	365	3	the	the	DET
ajfa-9064	365	4	burden	burden	NOUN
ajfa-9064	365	5	caused	cause	VERB
ajfa-9064	365	6	by	by	ADP
ajfa-9064	365	7	sox	sox	PROPN
ajfa-9064	365	8	requirements	requirement	NOUN
ajfa-9064	365	9	on	on	ADP
ajfa-9064	365	10	small	small	ADJ
ajfa-9064	365	11	firms	firm	NOUN
ajfa-9064	365	12	,	,	PUNCT
ajfa-9064	365	13	most	most	ADJ
ajfa-9064	365	14	of	of	ADP
ajfa-9064	365	15	scholars	scholar	NOUN
ajfa-9064	365	16	have	have	AUX
ajfa-9064	365	17	made	make	VERB
ajfa-9064	365	18	several	several	ADJ
ajfa-9064	365	19	suggestions	suggestion	NOUN
ajfa-9064	365	20	,	,	PUNCT
ajfa-9064	365	21	including	include	VERB
ajfa-9064	365	22	alleviation	alleviation	NOUN
ajfa-9064	365	23	of	of	ADP
ajfa-9064	365	24	the	the	DET
ajfa-9064	365	25	burden	burden	NOUN
ajfa-9064	365	26	and	and	CCONJ
ajfa-9064	365	27	relaxation	relaxation	NOUN
ajfa-9064	365	28	of	of	ADP
ajfa-9064	365	29	format	format	NOUN
ajfa-9064	365	30	and	and	CCONJ
ajfa-9064	365	31	asian	asian	ADJ
ajfa-9064	365	32	journal	journal	NOUN
ajfa-9064	365	33	of	of	ADP
ajfa-9064	365	34	finance	finance	PROPN
ajfa-9064	365	35	&	&	CCONJ
ajfa-9064	365	36	accounting	accounting	PROPN
ajfa-9064	365	37	issn	issn	PROPN
ajfa-9064	365	38	1946	1946	NUM
ajfa-9064	365	39	-	-	PUNCT
ajfa-9064	365	40	052x	052x	PROPN
ajfa-9064	365	41	2016	2016	NUM
ajfa-9064	365	42	,	,	PUNCT
ajfa-9064	365	43	vol	vol	NOUN
ajfa-9064	365	44	.	.	PROPN
ajfa-9064	365	45	8	8	NUM
ajfa-9064	365	46	,	,	PUNCT
ajfa-9064	365	47	no	no	INTJ
ajfa-9064	365	48	.	.	NOUN
ajfa-9064	365	49	1	1	NUM
ajfa-9064	365	50	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9064	365	51	121	121	NUM
ajfa-9064	365	52	content	content	NOUN
ajfa-9064	365	53	requirements	requirement	NOUN
ajfa-9064	365	54	for	for	ADP
ajfa-9064	365	55	financial	financial	ADJ
ajfa-9064	365	56	reports	report	NOUN
ajfa-9064	365	57	.	.	PUNCT
ajfa-9064	366	1	rose	rose	PROPN
ajfa-9064	366	2	suggests	suggest	VERB
ajfa-9064	366	3	that	that	SCONJ
ajfa-9064	366	4	it	it	PRON
ajfa-9064	366	5	is	be	AUX
ajfa-9064	366	6	faster	fast	ADJ
ajfa-9064	366	7	to	to	PART
ajfa-9064	366	8	alleviate	alleviate	VERB
ajfa-9064	366	9	the	the	DET
ajfa-9064	366	10	burden	burden	NOUN
ajfa-9064	366	11	on	on	ADP
ajfa-9064	366	12	small	small	ADJ
ajfa-9064	366	13	firms	firm	NOUN
ajfa-9064	366	14	than	than	SCONJ
ajfa-9064	366	15	to	to	PART
ajfa-9064	366	16	increase	increase	VERB
ajfa-9064	366	17	the	the	DET
ajfa-9064	366	18	benefits	benefit	NOUN
ajfa-9064	366	19	of	of	ADP
ajfa-9064	366	20	going	go	VERB
ajfa-9064	366	21	public	public	ADJ
ajfa-9064	366	22	for	for	ADP
ajfa-9064	366	23	them	they	PRON
ajfa-9064	366	24	.	.	PUNCT
ajfa-9064	367	1	in	in	ADP
ajfa-9064	367	2	recent	recent	ADJ
ajfa-9064	367	3	years	year	NOUN
ajfa-9064	367	4	,	,	PUNCT
ajfa-9064	367	5	the	the	DET
ajfa-9064	367	6	legislature	legislature	NOUN
ajfa-9064	367	7	and	and	CCONJ
ajfa-9064	367	8	authorities	authority	NOUN
ajfa-9064	367	9	in	in	ADP
ajfa-9064	367	10	taiwan	taiwan	PROPN
ajfa-9064	367	11	have	have	AUX
ajfa-9064	367	12	made	make	VERB
ajfa-9064	367	13	several	several	ADJ
ajfa-9064	367	14	amendments	amendment	NOUN
ajfa-9064	367	15	to	to	ADP
ajfa-9064	367	16	the	the	DET
ajfa-9064	367	17	company	company	NOUN
ajfa-9064	367	18	act	act	NOUN
ajfa-9064	367	19	and	and	CCONJ
ajfa-9064	367	20	the	the	DET
ajfa-9064	367	21	securities	securities	PROPN
ajfa-9064	367	22	and	and	CCONJ
ajfa-9064	367	23	exchange	exchange	PROPN
ajfa-9064	367	24	act	act	NOUN
ajfa-9064	367	25	to	to	PART
ajfa-9064	367	26	promote	promote	VERB
ajfa-9064	367	27	corporate	corporate	ADJ
ajfa-9064	367	28	governance	governance	NOUN
ajfa-9064	367	29	,	,	PUNCT
ajfa-9064	367	30	increase	increase	VERB
ajfa-9064	367	31	the	the	DET
ajfa-9064	367	32	reliability	reliability	NOUN
ajfa-9064	367	33	of	of	ADP
ajfa-9064	367	34	financial	financial	ADJ
ajfa-9064	367	35	reports	report	NOUN
ajfa-9064	367	36	,	,	PUNCT
ajfa-9064	367	37	and	and	CCONJ
ajfa-9064	367	38	facilitate	facilitate	VERB
ajfa-9064	367	39	smooth	smooth	ADJ
ajfa-9064	367	40	operations	operation	NOUN
ajfa-9064	367	41	of	of	ADP
ajfa-9064	367	42	capital	capital	NOUN
ajfa-9064	367	43	markets	market	NOUN
ajfa-9064	367	44	.	.	PUNCT
ajfa-9064	368	1	however	however	ADV
ajfa-9064	368	2	,	,	PUNCT
ajfa-9064	368	3	costs	cost	NOUN
ajfa-9064	368	4	and	and	CCONJ
ajfa-9064	368	5	benefits	benefit	NOUN
ajfa-9064	368	6	should	should	AUX
ajfa-9064	368	7	be	be	AUX
ajfa-9064	368	8	simultaneously	simultaneously	ADV
ajfa-9064	368	9	considered	consider	VERB
ajfa-9064	368	10	while	while	SCONJ
ajfa-9064	368	11	making	make	VERB
ajfa-9064	368	12	a	a	DET
ajfa-9064	368	13	decision	decision	NOUN
ajfa-9064	368	14	over	over	ADP
ajfa-9064	368	15	establishment	establishment	NOUN
ajfa-9064	368	16	of	of	ADP
ajfa-9064	368	17	a	a	DET
ajfa-9064	368	18	new	new	ADJ
ajfa-9064	368	19	system	system	NOUN
ajfa-9064	368	20	.	.	PUNCT
ajfa-9064	369	1	if	if	SCONJ
ajfa-9064	369	2	the	the	DET
ajfa-9064	369	3	compliance	compliance	NOUN
ajfa-9064	369	4	cost	cost	NOUN
ajfa-9064	369	5	exceeds	exceed	VERB
ajfa-9064	369	6	the	the	DET
ajfa-9064	369	7	benefits	benefit	NOUN
ajfa-9064	369	8	,	,	PUNCT
ajfa-9064	369	9	the	the	DET
ajfa-9064	369	10	authority	authority	NOUN
ajfa-9064	369	11	concerned	concern	VERB
ajfa-9064	369	12	is	be	AUX
ajfa-9064	369	13	advised	advise	VERB
ajfa-9064	369	14	to	to	PART
ajfa-9064	369	15	adjust	adjust	VERB
ajfa-9064	369	16	their	their	PRON
ajfa-9064	369	17	policy	policy	NOUN
ajfa-9064	369	18	based	base	VERB
ajfa-9064	369	19	on	on	ADP
ajfa-9064	369	20	empirical	empirical	ADJ
ajfa-9064	369	21	evidence	evidence	NOUN
ajfa-9064	369	22	.	.	PUNCT
ajfa-9064	370	1	for	for	ADP
ajfa-9064	370	2	smaller	small	ADJ
ajfa-9064	370	3	firms	firm	NOUN
ajfa-9064	370	4	and	and	CCONJ
ajfa-9064	370	5	markets	market	NOUN
ajfa-9064	370	6	with	with	ADP
ajfa-9064	370	7	lower	low	ADJ
ajfa-9064	370	8	liquidity	liquidity	NOUN
ajfa-9064	370	9	,	,	PUNCT
ajfa-9064	370	10	direct	direct	ADJ
ajfa-9064	370	11	introduction	introduction	NOUN
ajfa-9064	370	12	of	of	ADP
ajfa-9064	370	13	foreign	foreign	ADJ
ajfa-9064	370	14	governance	governance	NOUN
ajfa-9064	370	15	systems	system	NOUN
ajfa-9064	370	16	is	be	AUX
ajfa-9064	370	17	not	not	PART
ajfa-9064	370	18	advisable	advisable	ADJ
ajfa-9064	370	19	.	.	PUNCT
ajfa-9064	371	1	instead	instead	ADV
ajfa-9064	371	2	,	,	PUNCT
ajfa-9064	371	3	the	the	DET
ajfa-9064	371	4	authority	authority	NOUN
ajfa-9064	371	5	concerned	concern	VERB
ajfa-9064	371	6	should	should	AUX
ajfa-9064	371	7	tailor	tailor	NOUN
ajfa-9064	371	8	-	-	PUNCT
ajfa-9064	371	9	make	make	VERB
ajfa-9064	371	10	a	a	DET
ajfa-9064	371	11	governance	governance	NOUN
ajfa-9064	371	12	system	system	NOUN
ajfa-9064	371	13	that	that	PRON
ajfa-9064	371	14	can	can	AUX
ajfa-9064	371	15	effectively	effectively	ADV
ajfa-9064	371	16	exert	exert	VERB
ajfa-9064	371	17	its	its	PRON
ajfa-9064	371	18	oversight	oversight	NOUN
ajfa-9064	371	19	functions	function	NOUN
ajfa-9064	371	20	in	in	ADP
ajfa-9064	371	21	small	small	ADJ
ajfa-9064	371	22	firms	firm	NOUN
ajfa-9064	371	23	while	while	SCONJ
ajfa-9064	371	24	ensuring	ensure	VERB
ajfa-9064	371	25	that	that	SCONJ
ajfa-9064	371	26	the	the	DET
ajfa-9064	371	27	monitoring	monitoring	NOUN
ajfa-9064	371	28	effects	effect	NOUN
ajfa-9064	371	29	are	be	AUX
ajfa-9064	371	30	greater	great	ADJ
ajfa-9064	371	31	than	than	ADP
ajfa-9064	371	32	the	the	DET
ajfa-9064	371	33	costs	cost	NOUN
ajfa-9064	371	34	of	of	ADP
ajfa-9064	371	35	compliance	compliance	NOUN
ajfa-9064	371	36	.	.	PUNCT
ajfa-9064	372	1	this	this	DET
ajfa-9064	372	2	system	system	NOUN
ajfa-9064	372	3	better	well	ADV
ajfa-9064	372	4	conforms	conform	VERB
ajfa-9064	372	5	to	to	ADP
ajfa-9064	372	6	the	the	DET
ajfa-9064	372	7	conditions	condition	NOUN
ajfa-9064	372	8	and	and	CCONJ
ajfa-9064	372	9	development	development	NOUN
ajfa-9064	372	10	of	of	ADP
ajfa-9064	372	11	corporate	corporate	ADJ
ajfa-9064	372	12	governance	governance	NOUN
ajfa-9064	372	13	in	in	ADP
ajfa-9064	372	14	our	our	PRON
ajfa-9064	372	15	nation	nation	NOUN
ajfa-9064	372	16	.	.	PUNCT
ajfa-9064	373	1	our	our	PRON
ajfa-9064	373	2	empirical	empirical	ADJ
ajfa-9064	373	3	evidence	evidence	NOUN
ajfa-9064	373	4	shows	show	VERB
ajfa-9064	373	5	that	that	SCONJ
ajfa-9064	373	6	the	the	DET
ajfa-9064	373	7	authority	authority	NOUN
ajfa-9064	373	8	concerned	concern	VERB
ajfa-9064	373	9	in	in	ADP
ajfa-9064	373	10	taiwan	taiwan	PROPN
ajfa-9064	373	11	has	have	AUX
ajfa-9064	373	12	taken	take	VERB
ajfa-9064	373	13	into	into	ADP
ajfa-9064	373	14	account	account	NOUN
ajfa-9064	373	15	the	the	DET
ajfa-9064	373	16	effect	effect	NOUN
ajfa-9064	373	17	of	of	ADP
ajfa-9064	373	18	firm	firm	ADJ
ajfa-9064	373	19	size	size	NOUN
ajfa-9064	373	20	when	when	SCONJ
ajfa-9064	373	21	introducing	introduce	VERB
ajfa-9064	373	22	the	the	DET
ajfa-9064	373	23	new	new	ADJ
ajfa-9064	373	24	system	system	NOUN
ajfa-9064	373	25	.	.	PUNCT
ajfa-9064	374	1	in	in	ADP
ajfa-9064	374	2	the	the	DET
ajfa-9064	374	3	beginning	beginning	NOUN
ajfa-9064	374	4	,	,	PUNCT
ajfa-9064	374	5	the	the	DET
ajfa-9064	374	6	law	law	NOUN
ajfa-9064	374	7	prescribes	prescribe	VERB
ajfa-9064	374	8	that	that	SCONJ
ajfa-9064	374	9	starting	start	VERB
ajfa-9064	374	10	2006	2006	NUM
ajfa-9064	374	11	,	,	PUNCT
ajfa-9064	374	12	all	all	DET
ajfa-9064	374	13	publicly	publicly	ADV
ajfa-9064	374	14	listed	list	VERB
ajfa-9064	374	15	firms	firm	NOUN
ajfa-9064	374	16	shall	shall	AUX
ajfa-9064	374	17	establish	establish	VERB
ajfa-9064	374	18	an	an	DET
ajfa-9064	374	19	audit	audit	NOUN
ajfa-9064	374	20	committee	committee	NOUN
ajfa-9064	374	21	or	or	CCONJ
ajfa-9064	374	22	a	a	DET
ajfa-9064	374	23	supervisor	supervisor	NOUN
ajfa-9064	374	24	.	.	PUNCT
ajfa-9064	375	1	later	later	ADV
ajfa-9064	375	2	,	,	PUNCT
ajfa-9064	375	3	it	it	PRON
ajfa-9064	375	4	is	be	AUX
ajfa-9064	375	5	regulated	regulate	VERB
ajfa-9064	375	6	that	that	SCONJ
ajfa-9064	375	7	starting	start	VERB
ajfa-9064	375	8	in	in	ADP
ajfa-9064	375	9	2013	2013	NUM
ajfa-9064	375	10	,	,	PUNCT
ajfa-9064	375	11	it	it	PRON
ajfa-9064	375	12	is	be	AUX
ajfa-9064	375	13	mandatory	mandatory	ADJ
ajfa-9064	375	14	for	for	ADP
ajfa-9064	375	15	all	all	DET
ajfa-9064	375	16	financial	financial	ADJ
ajfa-9064	375	17	institutions	institution	NOUN
ajfa-9064	375	18	and	and	CCONJ
ajfa-9064	375	19	publicly	publicly	ADV
ajfa-9064	375	20	listed	list	VERB
ajfa-9064	375	21	firms	firm	NOUN
ajfa-9064	375	22	in	in	ADP
ajfa-9064	375	23	non	non	ADJ
ajfa-9064	375	24	-	-	ADJ
ajfa-9064	375	25	financial	financial	ADJ
ajfa-9064	375	26	sectors	sector	NOUN
ajfa-9064	375	27	with	with	ADP
ajfa-9064	375	28	an	an	DET
ajfa-9064	375	29	actual	actual	ADJ
ajfa-9064	375	30	paid	pay	VERB
ajfa-9064	375	31	-	-	PUNCT
ajfa-9064	375	32	in	in	ADP
ajfa-9064	375	33	capital	capital	NOUN
ajfa-9064	375	34	exceeding	exceed	VERB
ajfa-9064	375	35	nt$50	nt$50	NOUN
ajfa-9064	375	36	billion	billion	NUM
ajfa-9064	375	37	to	to	PART
ajfa-9064	375	38	establish	establish	VERB
ajfa-9064	375	39	an	an	DET
ajfa-9064	375	40	audit	audit	NOUN
ajfa-9064	375	41	committee	committee	NOUN
ajfa-9064	375	42	.	.	PUNCT
ajfa-9064	376	1	at	at	ADP
ajfa-9064	376	2	the	the	DET
ajfa-9064	376	3	end	end	NOUN
ajfa-9064	376	4	of	of	ADP
ajfa-9064	376	5	2013	2013	NUM
ajfa-9064	376	6	,	,	PUNCT
ajfa-9064	376	7	the	the	DET
ajfa-9064	376	8	authority	authority	NOUN
ajfa-9064	376	9	concerned	concern	VERB
ajfa-9064	376	10	resolved	resolve	VERB
ajfa-9064	376	11	to	to	PART
ajfa-9064	376	12	implement	implement	VERB
ajfa-9064	376	13	the	the	DET
ajfa-9064	376	14	audit	audit	NOUN
ajfa-9064	376	15	committee	committee	NOUN
ajfa-9064	376	16	system	system	NOUN
ajfa-9064	376	17	in	in	ADP
ajfa-9064	376	18	stages	stage	NOUN
ajfa-9064	376	19	,	,	PUNCT
ajfa-9064	376	20	requiring	require	VERB
ajfa-9064	376	21	all	all	DET
ajfa-9064	376	22	publicly	publicly	ADV
ajfa-9064	376	23	listed	list	VERB
ajfa-9064	376	24	firms	firm	NOUN
ajfa-9064	376	25	with	with	ADP
ajfa-9064	376	26	a	a	DET
ajfa-9064	376	27	capital	capital	NOUN
ajfa-9064	376	28	exceeding	exceed	VERB
ajfa-9064	376	29	nt$10	nt$10	NOUN
ajfa-9064	376	30	billion	billion	NUM
ajfa-9064	376	31	shall	shall	AUX
ajfa-9064	376	32	establish	establish	VERB
ajfa-9064	376	33	an	an	DET
ajfa-9064	376	34	audit	audit	NOUN
ajfa-9064	376	35	committee	committee	NOUN
ajfa-9064	376	36	immediately	immediately	ADV
ajfa-9064	376	37	,	,	PUNCT
ajfa-9064	376	38	and	and	CCONJ
ajfa-9064	376	39	those	those	PRON
ajfa-9064	376	40	with	with	ADP
ajfa-9064	376	41	a	a	DET
ajfa-9064	376	42	capital	capital	NOUN
ajfa-9064	376	43	exceeding	exceed	VERB
ajfa-9064	376	44	nt$2	nt$2	NOUN
ajfa-9064	376	45	billion	billion	NUM
ajfa-9064	376	46	shall	shall	AUX
ajfa-9064	376	47	comply	comply	VERB
ajfa-9064	376	48	with	with	ADP
ajfa-9064	376	49	the	the	DET
ajfa-9064	376	50	requirement	requirement	NOUN
ajfa-9064	376	51	by	by	ADP
ajfa-9064	376	52	20175	20175	NUM
ajfa-9064	376	53	.	.	PUNCT
ajfa-9064	377	1	the	the	DET
ajfa-9064	377	2	development	development	NOUN
ajfa-9064	377	3	of	of	ADP
ajfa-9064	377	4	these	these	DET
ajfa-9064	377	5	requirements	requirement	NOUN
ajfa-9064	377	6	manifests	manifest	VERB
ajfa-9064	377	7	that	that	SCONJ
ajfa-9064	377	8	the	the	DET
ajfa-9064	377	9	audit	audit	NOUN
ajfa-9064	377	10	committee	committee	NOUN
ajfa-9064	377	11	system	system	NOUN
ajfa-9064	377	12	has	have	AUX
ajfa-9064	377	13	been	be	AUX
ajfa-9064	377	14	progressively	progressively	ADV
ajfa-9064	377	15	implemented	implement	VERB
ajfa-9064	377	16	in	in	ADP
ajfa-9064	377	17	taiwan	taiwan	PROPN
ajfa-9064	377	18	with	with	ADP
ajfa-9064	377	19	consideration	consideration	NOUN
ajfa-9064	377	20	of	of	ADP
ajfa-9064	377	21	firm	firm	ADJ
ajfa-9064	377	22	size	size	NOUN
ajfa-9064	377	23	.	.	PUNCT
ajfa-9064	378	1	in	in	ADP
ajfa-9064	378	2	our	our	PRON
ajfa-9064	378	3	study	study	NOUN
ajfa-9064	378	4	,	,	PUNCT
ajfa-9064	378	5	we	we	PRON
ajfa-9064	378	6	find	find	VERB
ajfa-9064	378	7	that	that	SCONJ
ajfa-9064	378	8	most	most	ADJ
ajfa-9064	378	9	firms	firm	NOUN
ajfa-9064	378	10	with	with	ADP
ajfa-9064	378	11	an	an	DET
ajfa-9064	378	12	audit	audit	NOUN
ajfa-9064	378	13	committee	committee	NOUN
ajfa-9064	378	14	have	have	AUX
ajfa-9064	378	15	implemented	implement	VERB
ajfa-9064	378	16	the	the	DET
ajfa-9064	378	17	system	system	NOUN
ajfa-9064	378	18	voluntarily	voluntarily	ADV
ajfa-9064	378	19	(	(	PUNCT
ajfa-9064	378	20	about	about	ADV
ajfa-9064	378	21	90	90	NUM
ajfa-9064	378	22	%	%	NOUN
ajfa-9064	378	23	)	)	PUNCT
ajfa-9064	378	24	.	.	PUNCT
ajfa-9064	379	1	hence	hence	ADV
ajfa-9064	379	2	,	,	PUNCT
ajfa-9064	379	3	we	we	PRON
ajfa-9064	379	4	suggest	suggest	VERB
ajfa-9064	379	5	firms	firm	NOUN
ajfa-9064	379	6	planning	plan	VERB
ajfa-9064	379	7	to	to	PART
ajfa-9064	379	8	set	set	VERB
ajfa-9064	379	9	up	up	ADP
ajfa-9064	379	10	an	an	DET
ajfa-9064	379	11	audit	audit	NOUN
ajfa-9064	379	12	committee	committee	NOUN
ajfa-9064	379	13	not	not	PART
ajfa-9064	379	14	under	under	ADP
ajfa-9064	379	15	a	a	DET
ajfa-9064	379	16	mandatory	mandatory	ADJ
ajfa-9064	379	17	compliance	compliance	NOUN
ajfa-9064	379	18	requirement	requirement	NOUN
ajfa-9064	379	19	should	should	AUX
ajfa-9064	379	20	also	also	ADV
ajfa-9064	379	21	evaluate	evaluate	VERB
ajfa-9064	379	22	the	the	DET
ajfa-9064	379	23	compatibility	compatibility	NOUN
ajfa-9064	379	24	of	of	ADP
ajfa-9064	379	25	their	their	PRON
ajfa-9064	379	26	internal	internal	ADJ
ajfa-9064	379	27	and	and	CCONJ
ajfa-9064	379	28	external	external	ADJ
ajfa-9064	379	29	environments	environment	NOUN
ajfa-9064	379	30	,	,	PUNCT
ajfa-9064	379	31	so	so	SCONJ
ajfa-9064	379	32	as	as	SCONJ
ajfa-9064	379	33	to	to	PART
ajfa-9064	379	34	avoid	avoid	VERB
ajfa-9064	379	35	being	be	AUX
ajfa-9064	379	36	negatively	negatively	ADV
ajfa-9064	379	37	impacted	impact	VERB
ajfa-9064	379	38	by	by	ADP
ajfa-9064	379	39	adoption	adoption	NOUN
ajfa-9064	379	40	of	of	ADP
ajfa-9064	379	41	the	the	DET
ajfa-9064	379	42	system	system	NOUN
ajfa-9064	379	43	before	before	SCONJ
ajfa-9064	379	44	it	it	PRON
ajfa-9064	379	45	pays	pay	VERB
ajfa-9064	379	46	off	off	ADP
ajfa-9064	379	47	.	.	PUNCT
ajfa-9064	380	1	note	note	VERB
ajfa-9064	380	2	1	1	NUM
ajfa-9064	380	3	.	.	PUNCT
ajfa-9064	381	1	the	the	DET
ajfa-9064	381	2	importance	importance	NOUN
ajfa-9064	381	3	of	of	ADP
ajfa-9064	381	4	corporate	corporate	ADJ
ajfa-9064	381	5	governance	governance	NOUN
ajfa-9064	381	6	can	can	AUX
ajfa-9064	381	7	be	be	AUX
ajfa-9064	381	8	extended	extend	VERB
ajfa-9064	381	9	to	to	ADP
ajfa-9064	381	10	other	other	ADJ
ajfa-9064	381	11	governance	governance	NOUN
ajfa-9064	381	12	areas	area	NOUN
ajfa-9064	381	13	,	,	PUNCT
ajfa-9064	381	14	including	include	VERB
ajfa-9064	381	15	quality	quality	NOUN
ajfa-9064	381	16	of	of	ADP
ajfa-9064	381	17	earnings	earning	NOUN
ajfa-9064	381	18	and	and	CCONJ
ajfa-9064	381	19	accruals	accrual	NOUN
ajfa-9064	381	20	(	(	PUNCT
ajfa-9064	381	21	baxter	baxter	NOUN
ajfa-9064	381	22	and	and	CCONJ
ajfa-9064	381	23	cotter	cotter	PROPN
ajfa-9064	381	24	,	,	PUNCT
ajfa-9064	381	25	2009	2009	NUM
ajfa-9064	381	26	;	;	PUNCT
ajfa-9064	381	27	kent	kent	PROPN
ajfa-9064	381	28	et	et	PROPN
ajfa-9064	381	29	al	al	PROPN
ajfa-9064	381	30	.	.	PROPN
ajfa-9064	381	31	,	,	PUNCT
ajfa-9064	381	32	2010	2010	NUM
ajfa-9064	381	33	)	)	PUNCT
ajfa-9064	381	34	,	,	PUNCT
ajfa-9064	381	35	ceo	ceo	NOUN
ajfa-9064	381	36	dismissal	dismissal	NOUN
ajfa-9064	381	37	(	(	PUNCT
ajfa-9064	381	38	lau	lau	PROPN
ajfa-9064	381	39	et	et	PROPN
ajfa-9064	381	40	al	al	PROPN
ajfa-9064	381	41	.	.	PROPN
ajfa-9064	381	42	,	,	PUNCT
ajfa-9064	381	43	2009	2009	NUM
ajfa-9064	381	44	)	)	PUNCT
ajfa-9064	381	45	;	;	PUNCT
ajfa-9064	381	46	information	information	NOUN
ajfa-9064	381	47	disclosure	disclosure	NOUN
ajfa-9064	381	48	(	(	PUNCT
ajfa-9064	381	49	nelson	nelson	PROPN
ajfa-9064	381	50	et	et	PROPN
ajfa-9064	381	51	al	al	PROPN
ajfa-9064	381	52	.	.	PROPN
ajfa-9064	381	53	,	,	PUNCT
ajfa-9064	381	54	2010	2010	NUM
ajfa-9064	381	55	)	)	PUNCT
ajfa-9064	381	56	,	,	PUNCT
ajfa-9064	381	57	audit	audit	NOUN
ajfa-9064	381	58	fees	fee	NOUN
ajfa-9064	381	59	(	(	PUNCT
ajfa-9064	381	60	griffin	griffin	PROPN
ajfa-9064	381	61	et	et	PROPN
ajfa-9064	381	62	al	al	PROPN
ajfa-9064	381	63	.	.	PROPN
ajfa-9064	381	64	,	,	PUNCT
ajfa-9064	381	65	2010	2010	NUM
ajfa-9064	381	66	;	;	PUNCT
ajfa-9064	381	67	bliss	bliss	ADJ
ajfa-9064	381	68	,	,	PUNCT
ajfa-9064	381	69	2011	2011	NUM
ajfa-9064	381	70	)	)	PUNCT
ajfa-9064	381	71	,	,	PUNCT
ajfa-9064	381	72	and	and	CCONJ
ajfa-9064	381	73	reorganization	reorganization	NOUN
ajfa-9064	381	74	(	(	PUNCT
ajfa-9064	381	75	owen	owen	PROPN
ajfa-9064	381	76	et	et	PROPN
ajfa-9064	381	77	al	al	PROPN
ajfa-9064	381	78	.	.	PROPN
ajfa-9064	381	79	,	,	PUNCT
ajfa-9064	381	80	2010	2010	NUM
ajfa-9064	381	81	)	)	PUNCT
ajfa-9064	381	82	.	.	PUNCT
ajfa-9064	382	1	2	2	X
ajfa-9064	382	2	.	.	X
ajfa-9064	382	3	data	datum	NOUN
ajfa-9064	382	4	of	of	ADP
ajfa-9064	382	5	ratio	ratio	NOUN
ajfa-9064	382	6	of	of	ADP
ajfa-9064	382	7	individual	individual	ADJ
ajfa-9064	382	8	investment	investment	NOUN
ajfa-9064	382	9	are	be	AUX
ajfa-9064	382	10	obtained	obtain	VERB
ajfa-9064	382	11	from	from	ADP
ajfa-9064	382	12	tej	tej	NOUN
ajfa-9064	382	13	.	.	PUNCT
ajfa-9064	383	1	3	3	X
ajfa-9064	383	2	.	.	X
ajfa-9064	383	3	chip	chip	NOUN
ajfa-9064	383	4	distribution	distribution	NOUN
ajfa-9064	383	5	data	datum	NOUN
ajfa-9064	383	6	are	be	AUX
ajfa-9064	383	7	obtained	obtain	VERB
ajfa-9064	383	8	from	from	ADP
ajfa-9064	383	9	tej	tej	NOUN
ajfa-9064	383	10	.	.	PUNCT
ajfa-9064	384	1	4	4	X
ajfa-9064	384	2	.	.	X
ajfa-9064	385	1	in	in	ADP
ajfa-9064	385	2	order	order	NOUN
ajfa-9064	385	3	to	to	PART
ajfa-9064	385	4	comply	comply	VERB
ajfa-9064	385	5	with	with	ADP
ajfa-9064	385	6	the	the	DET
ajfa-9064	385	7	government	government	NOUN
ajfa-9064	385	8	’s	’s	PART
ajfa-9064	385	9	economic	economic	ADJ
ajfa-9064	385	10	or	or	CCONJ
ajfa-9064	385	11	social	social	ADJ
ajfa-9064	385	12	regulations	regulation	NOUN
ajfa-9064	385	13	,	,	PUNCT
ajfa-9064	385	14	businesses	business	NOUN
ajfa-9064	385	15	need	need	VERB
ajfa-9064	385	16	to	to	PART
ajfa-9064	385	17	make	make	VERB
ajfa-9064	385	18	substantial	substantial	ADJ
ajfa-9064	385	19	changes	change	NOUN
ajfa-9064	385	20	and	and	CCONJ
ajfa-9064	385	21	follow	follow	VERB
ajfa-9064	385	22	a	a	DET
ajfa-9064	385	23	series	series	NOUN
ajfa-9064	385	24	of	of	ADP
ajfa-9064	385	25	complicated	complicated	ADJ
ajfa-9064	385	26	application	application	NOUN
ajfa-9064	385	27	,	,	PUNCT
ajfa-9064	385	28	certification	certification	NOUN
ajfa-9064	385	29	or	or	CCONJ
ajfa-9064	385	30	administrative	administrative	ADJ
ajfa-9064	385	31	verification	verification	NOUN
ajfa-9064	385	32	procedures	procedure	NOUN
ajfa-9064	385	33	to	to	PART
ajfa-9064	385	34	report	report	VERB
ajfa-9064	385	35	their	their	PRON
ajfa-9064	385	36	compliance	compliance	NOUN
ajfa-9064	385	37	.	.	PUNCT
ajfa-9064	386	1	these	these	DET
ajfa-9064	386	2	procedures	procedure	NOUN
ajfa-9064	386	3	often	often	ADV
ajfa-9064	386	4	cause	cause	VERB
ajfa-9064	386	5	a	a	DET
ajfa-9064	386	6	tremendous	tremendous	ADJ
ajfa-9064	386	7	stress	stress	NOUN
ajfa-9064	386	8	on	on	ADP
ajfa-9064	386	9	firms	firm	NOUN
ajfa-9064	386	10	.	.	PUNCT
ajfa-9064	387	1	the	the	DET
ajfa-9064	387	2	costs	cost	NOUN
ajfa-9064	387	3	of	of	ADP
ajfa-9064	387	4	meeting	meet	VERB
ajfa-9064	387	5	these	these	DET
ajfa-9064	387	6	requirements	requirement	NOUN
ajfa-9064	387	7	are	be	AUX
ajfa-9064	387	8	called	call	VERB
ajfa-9064	387	9	the	the	DET
ajfa-9064	387	10	compliance	compliance	NOUN
ajfa-9064	387	11	costs	cost	NOUN
ajfa-9064	387	12	(	(	PUNCT
ajfa-9064	387	13	oecd	oecd	PROPN
ajfa-9064	387	14	,	,	PUNCT
ajfa-9064	387	15	2003	2003	NUM
ajfa-9064	387	16	)	)	PUNCT
ajfa-9064	387	17	5	5	NUM
ajfa-9064	387	18	.	.	PUNCT
ajfa-9064	387	19	financial	financial	ADJ
ajfa-9064	387	20	supervisory	supervisory	ADJ
ajfa-9064	387	21	commission	commission	NOUN
ajfa-9064	387	22	order	order	NOUN
ajfa-9064	387	23	cheng	cheng	PROPN
ajfa-9064	387	24	-	-	PUNCT
ajfa-9064	387	25	fa	fa	PROPN
ajfa-9064	387	26	no:10200531121	no:10200531121	PROPN
ajfa-9064	387	27	asian	asian	ADJ
ajfa-9064	387	28	journal	journal	NOUN
ajfa-9064	387	29	of	of	ADP
ajfa-9064	387	30	finance	finance	PROPN
ajfa-9064	387	31	&	&	CCONJ
ajfa-9064	387	32	accounting	accounting	PROPN
ajfa-9064	387	33	issn	issn	PROPN
ajfa-9064	387	34	1946	1946	NUM
ajfa-9064	387	35	-	-	PUNCT
ajfa-9064	387	36	052x	052x	PROPN
ajfa-9064	387	37	2016	2016	NUM
ajfa-9064	387	38	,	,	PUNCT
ajfa-9064	387	39	vol	vol	NOUN
ajfa-9064	387	40	.	.	PROPN
ajfa-9064	387	41	8	8	NUM
ajfa-9064	387	42	,	,	PUNCT
ajfa-9064	387	43	no	no	INTJ
ajfa-9064	387	44	.	.	NOUN
ajfa-9064	387	45	1	1	NUM
ajfa-9064	387	46	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9064	387	47	122	122	NUM
ajfa-9064	387	48	references	reference	NOUN
ajfa-9064	387	49	abbott	abbott	PROPN
ajfa-9064	387	50	,	,	PUNCT
ajfa-9064	387	51	l.	l.	PROPN
ajfa-9064	387	52	j.	j.	PROPN
ajfa-9064	387	53	,	,	PUNCT
ajfa-9064	387	54	parker	parker	PROPN
ajfa-9064	387	55	,	,	PUNCT
ajfa-9064	387	56	s.	s.	PROPN
ajfa-9064	387	57	(	(	PUNCT
ajfa-9064	387	58	2000	2000	NUM
ajfa-9064	387	59	)	)	PUNCT
ajfa-9064	387	60	.	.	PUNCT
ajfa-9064	388	1	auditor	auditor	NOUN
ajfa-9064	388	2	selection	selection	NOUN
ajfa-9064	388	3	and	and	CCONJ
ajfa-9064	388	4	audit	audit	NOUN
ajfa-9064	388	5	committee	committee	NOUN
ajfa-9064	388	6	characteristics.auditing	characteristics.audite	VERB
ajfa-9064	388	7	:	:	PUNCT
ajfa-9064	388	8	a	a	DET
ajfa-9064	388	9	journal	journal	NOUN
ajfa-9064	388	10	of	of	ADP
ajfa-9064	388	11	practice	practice	NOUN
ajfa-9064	388	12	&	&	CCONJ
ajfa-9064	388	13	theory	theory	NOUN
ajfa-9064	388	14	,	,	PUNCT
ajfa-9064	388	15	19(2	19(2	NUM
ajfa-9064	388	16	)	)	PUNCT
ajfa-9064	388	17	,	,	PUNCT
ajfa-9064	388	18	47	47	NUM
ajfa-9064	388	19	-	-	SYM
ajfa-9064	388	20	66	66	NUM
ajfa-9064	388	21	.	.	PUNCT
ajfa-9064	389	1	http://dx.doi.org/10.2308/aud.2000.19.2.47	http://dx.doi.org/10.2308/aud.2000.19.2.47	PROPN
ajfa-9064	389	2	abbott	abbott	PROPN
ajfa-9064	389	3	,	,	PUNCT
ajfa-9064	389	4	l.	l.	PROPN
ajfa-9064	389	5	j.	j.	PROPN
ajfa-9064	389	6	,	,	PUNCT
ajfa-9064	389	7	parker	parker	PROPN
ajfa-9064	389	8	,	,	PUNCT
ajfa-9064	389	9	s.	s.	PROPN
ajfa-9064	389	10	,peters	,peters	PROPN
ajfa-9064	389	11	,	,	PUNCT
ajfa-9064	389	12	g.	g.	PROPN
ajfa-9064	389	13	f.	f.	PROPN
ajfa-9064	389	14	,	,	PUNCT
ajfa-9064	389	15	raghunandan	raghunandan	PROPN
ajfa-9064	389	16	,	,	PUNCT
ajfa-9064	389	17	k.	k.	PROPN
ajfa-9064	389	18	(	(	PUNCT
ajfa-9064	389	19	2003).the	2003).the	DET
ajfa-9064	389	20	association	association	NOUN
ajfa-9064	389	21	between	between	ADP
ajfa-9064	389	22	audit	audit	NOUN
ajfa-9064	389	23	committee	committee	NOUN
ajfa-9064	389	24	characteristics	characteristic	NOUN
ajfa-9064	389	25	and	and	CCONJ
ajfa-9064	389	26	audit	audit	NOUN
ajfa-9064	389	27	fees.auditing	fees.audite	VERB
ajfa-9064	389	28	:	:	PUNCT
ajfa-9064	389	29	a	a	DET
ajfa-9064	389	30	journal	journal	NOUN
ajfa-9064	389	31	of	of	ADP
ajfa-9064	389	32	practice	practice	NOUN
ajfa-9064	389	33	&	&	CCONJ
ajfa-9064	389	34	theory,22(2	theory,22(2	PROPN
ajfa-9064	389	35	)	)	PUNCT
ajfa-9064	389	36	,	,	PUNCT
ajfa-9064	389	37	17	17	NUM
ajfa-9064	389	38	-	-	SYM
ajfa-9064	389	39	32	32	NUM
ajfa-9064	389	40	.	.	PUNCT
ajfa-9064	390	1	http://dx.doi.org/10.2308/aud.2003.22.2.17	http://dx.doi.org/10.2308/aud.2003.22.2.17	PROPN
ajfa-9064	390	2	akhigbe	akhigbe	PROPN
ajfa-9064	390	3	,	,	PUNCT
ajfa-9064	390	4	a.	a.	PROPN
ajfa-9064	390	5	,	,	PUNCT
ajfa-9064	390	6	martin	martin	PROPN
ajfa-9064	390	7	,	,	PUNCT
ajfa-9064	390	8	a.	a.	PROPN
ajfa-9064	390	9	d.	d.	PROPN
ajfa-9064	390	10	(	(	PUNCT
ajfa-9064	390	11	2006	2006	NUM
ajfa-9064	390	12	)	)	PUNCT
ajfa-9064	390	13	.	.	PUNCT
ajfa-9064	391	1	valuation	valuation	NOUN
ajfa-9064	391	2	impact	impact	NOUN
ajfa-9064	391	3	of	of	ADP
ajfa-9064	391	4	sarbanes	sarbane	NOUN
ajfa-9064	391	5	-	-	PUNCT
ajfa-9064	391	6	oxley	oxley	NOUN
ajfa-9064	391	7	:	:	PUNCT
ajfa-9064	391	8	evidence	evidence	NOUN
ajfa-9064	391	9	from	from	ADP
ajfa-9064	391	10	disclosure	disclosure	NOUN
ajfa-9064	391	11	and	and	CCONJ
ajfa-9064	391	12	governance	governance	NOUN
ajfa-9064	391	13	within	within	ADP
ajfa-9064	391	14	the	the	DET
ajfa-9064	391	15	financial	financial	ADJ
ajfa-9064	391	16	services	service	NOUN
ajfa-9064	391	17	industry	industry	NOUN
ajfa-9064	391	18	.	.	PUNCT
ajfa-9064	392	1	journal	journal	PROPN
ajfa-9064	392	2	of	of	ADP
ajfa-9064	392	3	banking	banking	NOUN
ajfa-9064	392	4	and	and	CCONJ
ajfa-9064	392	5	finance	finance	NOUN
ajfa-9064	392	6	,	,	PUNCT
ajfa-9064	392	7	30(3	30(3	NUM
ajfa-9064	392	8	)	)	PUNCT
ajfa-9064	392	9	,	,	PUNCT
ajfa-9064	392	10	989-1006.http://dx.doi.org/10.1016/j.jbankfin.2005.06.002	989-1006.http://dx.doi.org/10.1016/j.jbankfin.2005.06.002	NUM
ajfa-9064	392	11	ball	ball	NOUN
ajfa-9064	392	12	,	,	PUNCT
ajfa-9064	392	13	r.	r.	PROPN
ajfa-9064	392	14	,	,	PUNCT
ajfa-9064	392	15	kothari	kothari	PROPN
ajfa-9064	392	16	,	,	PUNCT
ajfa-9064	392	17	s.	s.	PROPN
ajfa-9064	392	18	p.	p.	PROPN
ajfa-9064	392	19	,	,	PUNCT
ajfa-9064	392	20	&	&	CCONJ
ajfa-9064	392	21	robin	robin	PROPN
ajfa-9064	392	22	,	,	PUNCT
ajfa-9064	392	23	a.	a.	NOUN
ajfa-9064	392	24	(	(	PUNCT
ajfa-9064	392	25	2000	2000	NUM
ajfa-9064	392	26	)	)	PUNCT
ajfa-9064	392	27	.	.	PUNCT
ajfa-9064	393	1	the	the	DET
ajfa-9064	393	2	effect	effect	NOUN
ajfa-9064	393	3	of	of	ADP
ajfa-9064	393	4	institutional	institutional	ADJ
ajfa-9064	393	5	factors	factor	NOUN
ajfa-9064	393	6	on	on	ADP
ajfa-9064	393	7	properties	property	NOUN
ajfa-9064	393	8	on	on	ADP
ajfa-9064	393	9	accounting	accounting	NOUN
ajfa-9064	393	10	earnings	earning	NOUN
ajfa-9064	393	11	:	:	PUNCT
ajfa-9064	393	12	international	international	ADJ
ajfa-9064	393	13	evidence.journal	evidence.journal	ADJ
ajfa-9064	393	14	ofaccounting	ofaccounting	NOUN
ajfa-9064	393	15	and	and	CCONJ
ajfa-9064	393	16	economics,29(1	economics,29(1	PROPN
ajfa-9064	393	17	)	)	PUNCT
ajfa-9064	393	18	,	,	PUNCT
ajfa-9064	393	19	1-51.http://dx.doi.org/10.1016/s0165-4101(00)00012-4	1-51.http://dx.doi.org/10.1016/s0165-4101(00)00012-4	NUM
ajfa-9064	393	20	baxter	baxter	NOUN
ajfa-9064	393	21	,	,	PUNCT
ajfa-9064	393	22	p.	p.	NOUN
ajfa-9064	393	23	,	,	PUNCT
ajfa-9064	393	24	cotter	cotter	PROPN
ajfa-9064	393	25	,	,	PUNCT
ajfa-9064	393	26	j.	j.	PROPN
ajfa-9064	393	27	(	(	PUNCT
ajfa-9064	393	28	2009	2009	NUM
ajfa-9064	393	29	)	)	PUNCT
ajfa-9064	393	30	.	.	PUNCT
ajfa-9064	394	1	audit	audit	NOUN
ajfa-9064	394	2	committees	committee	NOUN
ajfa-9064	394	3	and	and	CCONJ
ajfa-9064	394	4	earnings	earning	NOUN
ajfa-9064	394	5	quality.accounting	quality.accounting	NOUN
ajfa-9064	394	6	and	and	CCONJ
ajfa-9064	394	7	finance,49(2	finance,49(2	PROPN
ajfa-9064	394	8	)	)	PUNCT
ajfa-9064	394	9	,	,	PUNCT
ajfa-9064	394	10	267-290.http://dx.doi.org/10.1111/j.1467-629x.2008.00290.x	267-290.http://dx.doi.org/10.1111/j.1467-629x.2008.00290.x	PROPN
ajfa-9064	394	11	bedard	bedard	PROPN
ajfa-9064	394	12	,	,	PUNCT
ajfa-9064	394	13	j.	j.	PROPN
ajfa-9064	394	14	,	,	PUNCT
ajfa-9064	394	15	chtourou	chtourou	PROPN
ajfa-9064	394	16	,	,	PUNCT
ajfa-9064	394	17	s.	s.	PROPN
ajfa-9064	394	18	m.	m.	PROPN
ajfa-9064	394	19	,	,	PUNCT
ajfa-9064	394	20	&	&	CCONJ
ajfa-9064	394	21	courteau	courteau	PROPN
ajfa-9064	394	22	,	,	PUNCT
ajfa-9064	394	23	l.(2004	l.(2004	PROPN
ajfa-9064	394	24	)	)	PUNCT
ajfa-9064	394	25	.	.	PUNCT
ajfa-9064	395	1	the	the	DET
ajfa-9064	395	2	effect	effect	NOUN
ajfa-9064	395	3	of	of	ADP
ajfa-9064	395	4	audit	audit	NOUN
ajfa-9064	395	5	committee	committee	NOUN
ajfa-9064	395	6	expertise	expertise	NOUN
ajfa-9064	395	7	,	,	PUNCT
ajfa-9064	395	8	independence	independence	NOUN
ajfa-9064	395	9	,	,	PUNCT
ajfa-9064	395	10	and	and	CCONJ
ajfa-9064	395	11	activity	activity	NOUN
ajfa-9064	395	12	on	on	ADP
ajfa-9064	395	13	aggressive	aggressive	ADJ
ajfa-9064	395	14	earnings	earning	NOUN
ajfa-9064	395	15	management.auditing	management.auditing	NOUN
ajfa-9064	395	16	:	:	PUNCT
ajfa-9064	395	17	a	a	DET
ajfa-9064	395	18	journal	journal	NOUN
ajfa-9064	395	19	of	of	ADP
ajfa-9064	395	20	practice	practice	NOUN
ajfa-9064	395	21	&	&	CCONJ
ajfa-9064	395	22	theory	theory	NOUN
ajfa-9064	395	23	,	,	PUNCT
ajfa-9064	395	24	23(2	23(2	NUM
ajfa-9064	395	25	)	)	PUNCT
ajfa-9064	395	26	,	,	PUNCT
ajfa-9064	395	27	13-35.http://dx.doi.org/10.2308/aud.2004.23.2.13	13-35.http://dx.doi.org/10.2308/aud.2004.23.2.13	NUM
ajfa-9064	395	28	berle	berle	NOUN
ajfa-9064	395	29	,	,	PUNCT
ajfa-9064	395	30	a.	a.	NOUN
ajfa-9064	395	31	a.	a.	PROPN
ajfa-9064	395	32	,	,	PUNCT
ajfa-9064	395	33	&	&	CCONJ
ajfa-9064	395	34	means	means	PROPN
ajfa-9064	395	35	,	,	PUNCT
ajfa-9064	395	36	g.	g.	PROPN
ajfa-9064	395	37	c.	c.	PROPN
ajfa-9064	395	38	(	(	PUNCT
ajfa-9064	395	39	1932).the	1932).the	DET
ajfa-9064	395	40	modern	modern	ADJ
ajfa-9064	395	41	corporation	corporation	NOUN
ajfa-9064	395	42	and	and	CCONJ
ajfa-9064	395	43	private	private	ADJ
ajfa-9064	395	44	property	property	NOUN
ajfa-9064	395	45	.	.	PUNCT
ajfa-9064	396	1	macmillan	macmillan	PROPN
ajfa-9064	396	2	publishing	publishing	PROPN
ajfa-9064	396	3	co.	co.	PROPN
ajfa-9064	396	4	,	,	PUNCT
ajfa-9064	396	5	new	new	PROPN
ajfa-9064	396	6	york	york	PROPN
ajfa-9064	396	7	.	.	PUNCT
ajfa-9064	397	1	http://dx.doi.org/10.1111/j.1467-9299.1934.tb01905.x	http://dx.doi.org/10.1111/j.1467-9299.1934.tb01905.x	PROPN
ajfa-9064	397	2	bernstein	bernstein	PROPN
ajfa-9064	397	3	,	,	PUNCT
ajfa-9064	397	4	p.	p.	PROPN
ajfa-9064	397	5	l.	l.	PROPN
ajfa-9064	397	6	(	(	PUNCT
ajfa-9064	397	7	1987	1987	NUM
ajfa-9064	397	8	)	)	PUNCT
ajfa-9064	397	9	.	.	PUNCT
ajfa-9064	398	1	liquidity	liquidity	NOUN
ajfa-9064	398	2	,	,	PUNCT
ajfa-9064	398	3	stock	stock	NOUN
ajfa-9064	398	4	markets	market	NOUN
ajfa-9064	398	5	,	,	PUNCT
ajfa-9064	398	6	and	and	CCONJ
ajfa-9064	398	7	market	market	NOUN
ajfa-9064	398	8	makers.financial	makers.financial	ADJ
ajfa-9064	398	9	management	management	NOUN
ajfa-9064	398	10	,	,	PUNCT
ajfa-9064	398	11	16(2	16(2	NUM
ajfa-9064	398	12	)	)	PUNCT
ajfa-9064	398	13	,	,	PUNCT
ajfa-9064	398	14	54	54	NUM
ajfa-9064	398	15	-	-	SYM
ajfa-9064	398	16	62	62	NUM
ajfa-9064	398	17	.	.	PUNCT
ajfa-9064	399	1	http://dx.doi.org/10.2307/3666004	http://dx.doi.org/10.2307/3666004	NOUN
ajfa-9064	399	2	bliss	bliss	ADJ
ajfa-9064	399	3	,	,	PUNCT
ajfa-9064	399	4	m.	m.	NOUN
ajfa-9064	399	5	a.	a.	NOUN
ajfa-9064	399	6	(	(	PUNCT
ajfa-9064	399	7	2011	2011	NUM
ajfa-9064	399	8	)	)	PUNCT
ajfa-9064	399	9	.	.	PUNCT
ajfa-9064	400	1	does	do	AUX
ajfa-9064	400	2	ceo	ceo	VERB
ajfa-9064	400	3	duality	duality	NOUN
ajfa-9064	400	4	constrain	constrain	VERB
ajfa-9064	400	5	board	board	NOUN
ajfa-9064	400	6	independence	independence	NOUN
ajfa-9064	400	7	?	?	PUNCT
ajfa-9064	401	1	some	some	DET
ajfa-9064	401	2	evidence	evidence	NOUN
ajfa-9064	401	3	from	from	ADP
ajfa-9064	401	4	audit	audit	NOUN
ajfa-9064	401	5	pricing.accounting	pricing.accounting	NOUN
ajfa-9064	401	6	and	and	CCONJ
ajfa-9064	401	7	finance,51(2	finance,51(2	PROPN
ajfa-9064	401	8	)	)	PUNCT
ajfa-9064	401	9	,	,	PUNCT
ajfa-9064	401	10	361-380.http://dx.doi.org/10.1111/j.1467-629x.2010.00360.x	361-380.http://dx.doi.org/10.1111/j.1467-629x.2010.00360.x	NOUN
ajfa-9064	401	11	block	block	NOUN
ajfa-9064	401	12	,	,	PUNCT
ajfa-9064	401	13	s.	s.	PROPN
ajfa-9064	401	14	b.	b.	PROPN
ajfa-9064	401	15	(	(	PUNCT
ajfa-9064	401	16	2004	2004	NUM
ajfa-9064	401	17	)	)	PUNCT
ajfa-9064	401	18	.	.	PUNCT
ajfa-9064	402	1	the	the	DET
ajfa-9064	402	2	latest	late	ADJ
ajfa-9064	402	3	movement	movement	NOUN
ajfa-9064	402	4	to	to	ADP
ajfa-9064	402	5	going	go	VERB
ajfa-9064	402	6	private	private	ADJ
ajfa-9064	402	7	:	:	PUNCT
ajfa-9064	402	8	an	an	DET
ajfa-9064	402	9	empirical	empirical	ADJ
ajfa-9064	402	10	study	study	NOUN
ajfa-9064	402	11	.	.	PUNCT
ajfa-9064	403	1	journal	journal	NOUN
ajfa-9064	403	2	of	of	ADP
ajfa-9064	403	3	applied	apply	VERB
ajfa-9064	403	4	finance	finance	NOUN
ajfa-9064	403	5	,	,	PUNCT
ajfa-9064	403	6	14	14	NUM
ajfa-9064	403	7	,	,	PUNCT
ajfa-9064	403	8	6-44.http://dx.doi.org/10.1007/bf02751643	6-44.http://dx.doi.org/10.1007/bf02751643	NUM
ajfa-9064	403	9	blundell	blundell	PROPN
ajfa-9064	403	10	,	,	PUNCT
ajfa-9064	403	11	j.	j.	PROPN
ajfa-9064	403	12	,	,	PUNCT
ajfa-9064	403	13	&	&	CCONJ
ajfa-9064	403	14	robinson	robinson	PROPN
ajfa-9064	403	15	,	,	PUNCT
ajfa-9064	403	16	c.	c.	PROPN
ajfa-9064	403	17	(	(	PUNCT
ajfa-9064	403	18	2000).regulation	2000).regulation	NOUN
ajfa-9064	403	19	without	without	ADP
ajfa-9064	403	20	the	the	DET
ajfa-9064	403	21	state	state	NOUN
ajfa-9064	403	22	…	…	PUNCT
ajfa-9064	403	23	the	the	DET
ajfa-9064	403	24	debate	debate	NOUN
ajfa-9064	403	25	continues.institute	continues.institute	NOUN
ajfa-9064	403	26	of	of	ADP
ajfa-9064	403	27	economic	economic	ADJ
ajfa-9064	403	28	affairs	affair	NOUN
ajfa-9064	403	29	,	,	PUNCT
ajfa-9064	403	30	london.http://dx.doi.org/10.1111/j.1468-0270.1996.tb00532.x	london.http://dx.doi.org/10.1111/j.1468-0270.1996.tb00532.x	PROPN
ajfa-9064	403	31	bull	bull	PROPN
ajfa-9064	403	32	,	,	PUNCT
ajfa-9064	403	33	i.	i.	NOUN
ajfa-9064	403	34	,	,	PUNCT
ajfa-9064	403	35	&	&	CCONJ
ajfa-9064	403	36	sharp	sharp	ADJ
ajfa-9064	403	37	,	,	PUNCT
ajfa-9064	403	38	f.	f.	PROPN
ajfa-9064	403	39	c.	c.	PROPN
ajfa-9064	403	40	(	(	PUNCT
ajfa-9064	403	41	1989	1989	NUM
ajfa-9064	403	42	)	)	PUNCT
ajfa-9064	403	43	.	.	PUNCT
ajfa-9064	404	1	advising	advise	VERB
ajfa-9064	404	2	clients	client	NOUN
ajfa-9064	404	3	on	on	ADP
ajfa-9064	404	4	treadway	treadway	NOUN
ajfa-9064	404	5	audit	audit	NOUN
ajfa-9064	404	6	committee	committee	NOUN
ajfa-9064	404	7	recommendations.journal	recommendations.journal	PROPN
ajfa-9064	404	8	of	of	ADP
ajfa-9064	404	9	accountancy,167(2	accountancy,167(2	PROPN
ajfa-9064	404	10	)	)	PUNCT
ajfa-9064	404	11	,	,	PUNCT
ajfa-9064	404	12	46	46	NUM
ajfa-9064	404	13	-	-	SYM
ajfa-9064	404	14	52	52	NUM
ajfa-9064	404	15	.	.	PUNCT
ajfa-9064	405	1	chittenden	chittenden	PROPN
ajfa-9064	405	2	,	,	PUNCT
ajfa-9064	405	3	f.	f.	PROPN
ajfa-9064	405	4	,	,	PUNCT
ajfa-9064	405	5	kauser	kauser	PROPN
ajfa-9064	405	6	,	,	PUNCT
ajfa-9064	405	7	s.	s.	PROPN
ajfa-9064	405	8	,	,	PUNCT
ajfa-9064	405	9	&	&	CCONJ
ajfa-9064	405	10	poutzouris	poutzouris	PROPN
ajfa-9064	405	11	,	,	PUNCT
ajfa-9064	405	12	p.	p.	NOUN
ajfa-9064	405	13	(	(	PUNCT
ajfa-9064	405	14	2002	2002	NUM
ajfa-9064	405	15	)	)	PUNCT
ajfa-9064	405	16	.	.	PUNCT
ajfa-9064	406	1	regulatory	regulatory	ADJ
ajfa-9064	406	2	burdens	burden	NOUN
ajfa-9064	406	3	of	of	ADP
ajfa-9064	406	4	small	small	ADJ
ajfa-9064	406	5	business	business	NOUN
ajfa-9064	406	6	:	:	PUNCT
ajfa-9064	406	7	a	a	DET
ajfa-9064	406	8	literature	literature	NOUN
ajfa-9064	406	9	review	review	NOUN
ajfa-9064	406	10	.	.	PUNCT
ajfa-9064	407	1	assessed	assess	VERB
ajfa-9064	407	2	2	2	NUM
ajfa-9064	407	3	jun	jun	PROPN
ajfa-9064	407	4	2007	2007	NUM
ajfa-9064	407	5	.	.	PUNCT
ajfa-9064	408	1	http://www.sbs.gov.uk/content/analytical/research/regulation-report.pdf	http://www.sbs.gov.uk/content/analytical/research/regulation-report.pdf	PROPN
ajfa-9064	408	2	.	.	PUNCT
ajfa-9064	409	1	chittenden	chittenden	PROPN
ajfa-9064	409	2	,	,	PUNCT
ajfa-9064	409	3	f.	f.	PROPN
ajfa-9064	409	4	,	,	PUNCT
ajfa-9064	409	5	kauser	kauser	PROPN
ajfa-9064	409	6	,	,	PUNCT
ajfa-9064	409	7	s.	s.	PROPN
ajfa-9064	409	8	,&poutzouris	,&poutzouris	PROPN
ajfa-9064	409	9	,	,	PUNCT
ajfa-9064	409	10	p.	p.	NOUN
ajfa-9064	409	11	(	(	PUNCT
ajfa-9064	409	12	2003).tax	2003).tax	NUM
ajfa-9064	409	13	regulation	regulation	NOUN
ajfa-9064	409	14	and	and	CCONJ
ajfa-9064	409	15	small	small	ADJ
ajfa-9064	409	16	business	business	NOUN
ajfa-9064	409	17	in	in	ADP
ajfa-9064	409	18	the	the	DET
ajfa-9064	409	19	http://doi.org/10.2308/aud.2000.19.2.47	http://doi.org/10.2308/aud.2000.19.2.47	PROPN
ajfa-9064	409	20	http://doi.org/10.2308/aud.2003.22.2.17	http://doi.org/10.2308/aud.2003.22.2.17	X
ajfa-9064	409	21	http://doi.org/10.1016/j.jbankfin.2005.06.002	http://doi.org/10.1016/j.jbankfin.2005.06.002	PROPN
ajfa-9064	409	22	http://doi.org/10.1016/s0165-4101(00)00012-4	http://doi.org/10.1016/s0165-4101(00)00012-4	PROPN
ajfa-9064	409	23	http://doi.org/10.1111/j.1467-629x.2008.00290.x	http://doi.org/10.1111/j.1467-629x.2008.00290.x	PROPN
ajfa-9064	409	24	http://doi.org/10.2308/aud.2004.23.2.13	http://doi.org/10.2308/aud.2004.23.2.13	PROPN
ajfa-9064	410	1	http://doi.org/10.1111/j.1467-9299.1934.tb01905.x	http://doi.org/10.1111/j.1467-9299.1934.tb01905.x	PROPN
ajfa-9064	410	2	http://doi.org/10.2307/3666004	http://doi.org/10.2307/3666004	PROPN
ajfa-9064	410	3	http://doi.org/10.1111/j.1467-629x.2010.00360.x	http://doi.org/10.1111/j.1467-629x.2010.00360.x	VERB
ajfa-9064	411	1	http://doi.org/10.1007/bf02751643	http://doi.org/10.1007/bf02751643	PROPN
ajfa-9064	411	2	http://doi.org/10.1111/j.1468-0270.1996.tb00532.x	http://doi.org/10.1111/j.1468-0270.1996.tb00532.x	PROPN
ajfa-9064	411	3	asian	asian	PROPN
ajfa-9064	411	4	journal	journal	PROPN
ajfa-9064	411	5	of	of	ADP
ajfa-9064	411	6	finance	finance	PROPN
ajfa-9064	411	7	&	&	CCONJ
ajfa-9064	411	8	accounting	accounting	PROPN
ajfa-9064	411	9	issn	issn	PROPN
ajfa-9064	411	10	1946	1946	NUM
ajfa-9064	411	11	-	-	PUNCT
ajfa-9064	411	12	052x	052x	PROPN
ajfa-9064	411	13	2016	2016	NUM
ajfa-9064	411	14	,	,	PUNCT
ajfa-9064	411	15	vol	vol	NOUN
ajfa-9064	411	16	.	.	PROPN
ajfa-9064	411	17	8	8	NUM
ajfa-9064	411	18	,	,	PUNCT
ajfa-9064	411	19	no	no	INTJ
ajfa-9064	411	20	.	.	NOUN
ajfa-9064	411	21	1	1	NUM
ajfa-9064	411	22	ajfa.macrothink.org	ajfa.macrothink.org	PROPN
ajfa-9064	411	23	123	123	NUM
ajfa-9064	411	24	usa	usa	PROPN
ajfa-9064	411	25	,	,	PUNCT
ajfa-9064	411	26	uk	uk	PROPN
ajfa-9064	411	27	,	,	PUNCT
ajfa-9064	411	28	australia	australia	PROPN
ajfa-9064	411	29	and	and	CCONJ
ajfa-9064	411	30	new	new	ADJ
ajfa-9064	411	31	zealand.international	zealand.international	ADJ
ajfa-9064	411	32	small	small	ADJ
ajfa-9064	411	33	business	business	NOUN
ajfa-9064	411	34	journal,21(1	journal,21(1	PROPN
ajfa-9064	411	35	)	)	PUNCT
ajfa-9064	411	36	,	,	PUNCT
ajfa-9064	411	37	93-115.http://dx.doi.org/10.1177/0266242603021001244	93-115.http://dx.doi.org/10.1177/0266242603021001244	NUM
ajfa-9064	411	38	chui	chui	PROPN
ajfa-9064	411	39	,	,	PUNCT
ajfa-9064	411	40	a.	a.	PROPN
ajfa-9064	411	41	c.	c.	PROPN
ajfa-9064	411	42	w.	w.	PROPN
ajfa-9064	411	43	,	,	PUNCT
ajfa-9064	411	44	&	&	CCONJ
ajfa-9064	411	45	wei	wei	PROPN
ajfa-9064	411	46	,	,	PUNCT
ajfa-9064	411	47	k.	k.	PROPN
ajfa-9064	411	48	c.	c.	PROPN
ajfa-9064	411	49	j.	j.	PROPN
ajfa-9064	411	50	(	(	PUNCT
ajfa-9064	411	51	1998	1998	NUM
ajfa-9064	411	52	)	)	PUNCT
ajfa-9064	411	53	.	.	PUNCT
ajfa-9064	412	1	book	book	NOUN
ajfa-9064	412	2	-	-	PUNCT
ajfa-9064	412	3	to	to	ADP
ajfa-9064	412	4	-	-	PUNCT
ajfa-9064	412	5	market	market	NOUN
ajfa-9064	412	6	,	,	PUNCT
ajfa-9064	412	7	firm	firm	ADJ
ajfa-9064	412	8	size	size	NOUN
ajfa-9064	412	9	,	,	PUNCT
ajfa-9064	412	10	and	and	CCONJ
ajfa-9064	412	11	the	the	DET
ajfa-9064	412	12	turn	turn	NOUN
ajfa-9064	412	13	-	-	PUNCT
ajfa-9064	412	14	of	of	ADP
ajfa-9064	412	15	-	-	PUNCT
ajfa-9064	412	16	the	the	DET
ajfa-9064	412	17	-	-	PUNCT
ajfa-9064	412	18	year	year	NOUN
ajfa-9064	412	19	effect	effect	NOUN
ajfa-9064	412	20	:	:	PUNCT
ajfa-9064	412	21	evidence	evidence	NOUN
ajfa-9064	412	22	from	from	ADP
ajfa-9064	412	23	pacific	pacific	ADJ
ajfa-9064	412	24	-	-	PUNCT
ajfa-9064	412	25	basin	basin	NOUN
ajfa-9064	412	26	emerging	emerge	VERB
ajfa-9064	412	27	markets	market	NOUN
ajfa-9064	412	28	.	.	PUNCT
ajfa-9064	413	1	pacific	pacific	ADJ
ajfa-9064	413	2	-	-	PUNCT
ajfa-9064	413	3	basin	basin	NOUN
ajfa-9064	413	4	finance	finance	NOUN
ajfa-9064	413	5	journal,41(6	journal,41(6	PROPN
ajfa-9064	413	6	)	)	PUNCT
ajfa-9064	413	7	,	,	PUNCT
ajfa-9064	414	1	275-293.http://dx.doi.org/10.1016/s0927-538x(98)00013-4	275-293.http://dx.doi.org/10.1016/s0927-538x(98)00013-4	NUM
ajfa-9064	414	2	cohen	cohen	PROPN
ajfa-9064	414	3	.	.	PUNCT
ajfa-9064	414	4	,	,	PUNCT
ajfa-9064	414	5	j.	j.	PROPN
ajfa-9064	414	6	r.	r.	PROPN
ajfa-9064	414	7	,	,	PUNCT
ajfa-9064	414	8	udi	udi	PROPN
ajfa-9064	414	9	,	,	PUNCT
ajfa-9064	414	10	h.	h.	PROPN
ajfa-9064	414	11	,	,	PUNCT
ajfa-9064	414	12	ganesh	ganesh	PROPN
ajfa-9064	414	13	,	,	PUNCT
ajfa-9064	414	14	k.	k.	PROPN
ajfa-9064	414	15	,	,	PUNCT
ajfa-9064	414	16	&	&	CCONJ
ajfa-9064	414	17	arnold	arnold	PROPN
ajfa-9064	414	18	,	,	PUNCT
ajfa-9064	414	19	m.	m.	PROPN
ajfa-9064	414	20	w.	w.	PROPN
ajfa-9064	414	21	(	(	PUNCT
ajfa-9064	414	22	2014	2014	NUM
ajfa-9064	414	23	)	)	PUNCT
ajfa-9064	414	24	.	.	PUNCT
ajfa-9064	415	1	the	the	DET
ajfa-9064	415	2	effect	effect	NOUN
ajfa-9064	415	3	of	of	ADP
ajfa-9064	415	4	audit	audit	NOUN
ajfa-9064	415	5	committee	committee	NOUN
ajfa-9064	415	6	industry	industry	NOUN
ajfa-9064	415	7	expertise	expertise	NOUN
ajfa-9064	415	8	on	on	ADP
ajfa-9064	415	9	monitoring	monitor	VERB
ajfa-9064	415	10	the	the	DET
ajfa-9064	415	11	financial	financial	ADJ
ajfa-9064	415	12	reporting	report	VERB
ajfa-9064	415	13	process.the	process.the	PRON
ajfa-9064	415	14	accounting	account	VERB
ajfa-9064	415	15	review,89(1	review,89(1	PROPN
ajfa-9064	415	16	)	)	PUNCT
ajfa-9064	415	17	,	,	PUNCT
ajfa-9064	415	18	243-273.http://dx.doi.org/10.2308/accr-50585	243-273.http://dx.doi.org/10.2308/accr-50585	NUM
ajfa-9064	415	19	cooper	cooper	NOUN
ajfa-9064	415	20	.	.	PUNCT
ajfa-9064	416	1	s.	s.	PROPN
ajfa-9064	416	2	k.	k.	PROPN
ajfa-9064	416	3	,	,	PUNCT
ajfa-9064	416	4	groth	groth	PROPN
ajfa-9064	416	5	,	,	PUNCT
ajfa-9064	416	6	j.	j.	PROPN
ajfa-9064	416	7	c.	c.	PROPN
ajfa-9064	416	8	,	,	PUNCT
ajfa-9064	416	9	&	&	CCONJ
ajfa-9064	416	10	avera	avera	PROPN
ajfa-9064	416	11	,	,	PUNCT
ajfa-9064	416	12	w.	w.	PROPN
ajfa-9064	416	13	e.	e.	PROPN
ajfa-9064	416	14	(	(	PUNCT
ajfa-9064	416	15	1985	1985	NUM
ajfa-9064	416	16	)	)	PUNCT
ajfa-9064	416	17	.	.	PUNCT
ajfa-9064	417	1	liquidity	liquidity	NOUN
ajfa-9064	417	2	,	,	PUNCT
ajfa-9064	417	3	exchange	exchange	NOUN
ajfa-9064	417	4	listing	listing	NOUN
ajfa-9064	417	5	,	,	PUNCT
ajfa-9064	417	6	and	and	CCONJ
ajfa-9064	417	7	common	common	ADJ
ajfa-9064	417	8	stock	stock	NOUN
ajfa-9064	417	9	performance.journal	performance.journal	PROPN
ajfa-9064	417	10	of	of	ADP
ajfa-9064	417	11	economics	economic	NOUN
ajfa-9064	417	12	and	and	CCONJ
ajfa-9064	417	13	business	business	NOUN
ajfa-9064	417	14	,	,	PUNCT
ajfa-9064	417	15	37(1	37(1	NUM
ajfa-9064	417	16	)	)	PUNCT
ajfa-9064	417	17	,	,	PUNCT
ajfa-9064	417	18	19-33.http://dx.doi.org/10.1016/0148-6195(85)90003-7	19-33.http://dx.doi.org/10.1016/0148-6195(85)90003-7	NUM
ajfa-9064	417	19	digabriele	digabriele	PROPN
ajfa-9064	417	20	,	,	PUNCT
ajfa-9064	417	21	j.	j.	PROPN
ajfa-9064	417	22	(	(	PUNCT
ajfa-9064	417	23	2008	2008	NUM
ajfa-9064	417	24	)	)	PUNCT
ajfa-9064	417	25	.	.	PUNCT
ajfa-9064	418	1	the	the	DET
ajfa-9064	418	2	sarbanes	sarbanes	PROPN
ajfa-9064	418	3	-	-	PUNCT
ajfa-9064	418	4	oxley	oxley	ADJ
ajfa-9064	418	5	act	act	NOUN
ajfa-9064	418	6	and	and	CCONJ
ajfa-9064	418	7	the	the	DET
ajfa-9064	418	8	private	private	ADJ
ajfa-9064	418	9	company	company	NOUN
ajfa-9064	418	10	discount	discount	NOUN
ajfa-9064	418	11	:	:	PUNCT
ajfa-9064	418	12	an	an	DET
ajfa-9064	418	13	empirical	empirical	ADJ
ajfa-9064	418	14	investigation	investigation	NOUN
ajfa-9064	418	15	.	.	PUNCT
ajfa-9064	419	1	critical	critical	ADJ
ajfa-9064	419	2	perspectives	perspective	NOUN
ajfa-9064	419	3	on	on	ADP
ajfa-9064	419	4	accounting,19(8	accounting,19(8	PROPN
ajfa-9064	419	5	)	)	PUNCT
ajfa-9064	419	6	,	,	PUNCT
ajfa-9064	419	7	1105-1121.http://dx.doi.org/10.1016/j.cpa.2007.03.005	1105-1121.http://dx.doi.org/10.1016/j.cpa.2007.03.005	NUM
ajfa-9064	419	8	dittmar	dittmar	NOUN
ajfa-9064	419	9	,	,	PUNCT
ajfa-9064	419	10	a.	a.	NOUN
ajfa-9064	419	11	,	,	PUNCT
ajfa-9064	419	12	&	&	CCONJ
ajfa-9064	419	13	mahrt	mahrt	PROPN
ajfa-9064	419	14	-	-	PUNCT
ajfa-9064	419	15	smith	smith	PROPN
ajfa-9064	419	16	,	,	PUNCT
ajfa-9064	419	17	j.(2007).corporate	j.(2007).corporate	ADJ
ajfa-9064	419	18	governance	governance	NOUN
ajfa-9064	419	19	and	and	CCONJ
ajfa-9064	419	20	the	the	DET
ajfa-9064	419	21	value	value	NOUN
ajfa-9064	419	22	of	of	ADP
ajfa-9064	419	23	cash	cash	NOUN
ajfa-9064	419	24	holdings.journal	holdings.journal	ADJ
ajfa-9064	419	25	of	of	ADP
ajfa-9064	419	26	financial	financial	ADJ
ajfa-9064	419	27	economics,83(3	economics,83(3	PROPN
ajfa-9064	419	28	)	)	PUNCT
ajfa-9064	419	29	,	,	PUNCT
ajfa-9064	419	30	599-634.http://dx.doi.org/10.1016/j.jfineco.2005.12.006	599-634.http://dx.doi.org/10.1016/j.jfineco.2005.12.006	NUM
ajfa-9064	419	31	fama	fama	NOUN
ajfa-9064	419	32	,	,	PUNCT
ajfa-9064	419	33	e.	e.	PROPN
ajfa-9064	419	34	f.	f.	PROPN
ajfa-9064	419	35	(	(	PUNCT
ajfa-9064	419	36	1980	1980	NUM
ajfa-9064	419	37	)	)	PUNCT
ajfa-9064	419	38	.	.	PUNCT
ajfa-9064	420	1	agency	agency	NOUN
ajfa-9064	420	2	problems	problem	NOUN
ajfa-9064	420	3	and	and	CCONJ
ajfa-9064	420	4	the	the	DET
ajfa-9064	420	5	theory	theory	NOUN
ajfa-9064	420	6	of	of	ADP
ajfa-9064	420	7	the	the	DET
ajfa-9064	420	8	firm	firm	NOUN
ajfa-9064	420	9	.	.	PUNCT
ajfa-9064	421	1	the	the	DET
ajfa-9064	421	2	journal	journal	NOUN
ajfa-9064	421	3	of	of	ADP
ajfa-9064	421	4	political	political	ADJ
ajfa-9064	421	5	economy	economy	NOUN
ajfa-9064	421	6	,	,	PUNCT
ajfa-9064	421	7	88(2	88(2	NUM
ajfa-9064	421	8	)	)	PUNCT
ajfa-9064	421	9	,	,	PUNCT
ajfa-9064	421	10	288-307.http://dx.doi.org/10.1086/260866	288-307.http://dx.doi.org/10.1086/260866	NUM
ajfa-9064	421	11	fama	fama	PROPN
ajfa-9064	421	12	,	,	PUNCT
ajfa-9064	421	13	e.	e.	PROPN
ajfa-9064	421	14	f.	f.	PROPN
ajfa-9064	421	15	,&jensen	,&jensen	PROPN
ajfa-9064	421	16	,	,	PUNCT
ajfa-9064	421	17	m.c	m.c	PROPN
ajfa-9064	421	18	.	.	PROPN
ajfa-9064	422	1	(	(	PUNCT
ajfa-9064	422	2	1983).separation	1983).separation	NUM
ajfa-9064	422	3	of	of	ADP
ajfa-9064	422	4	ownership	ownership	NOUN
ajfa-9064	422	5	and	and	CCONJ
ajfa-9064	422	6	control.journal	control.journal	ADJ
ajfa-9064	422	7	oflaw	oflaw	NOUN
ajfa-9064	422	8	and	and	CCONJ
ajfa-9064	422	9	economics	economic	NOUN
ajfa-9064	422	10	,	,	PUNCT
ajfa-9064	422	11	26(2),301	26(2),301	NUM
ajfa-9064	422	12	-	-	SYM
ajfa-9064	422	13	325.http://dx.doi.org/10.1086/467037	325.http://dx.doi.org/10.1086/467037	NUM
ajfa-9064	422	14	fama	fama	NOUN
ajfa-9064	422	15	,	,	PUNCT
ajfa-9064	422	16	e.	e.	PROPN
ajfa-9064	422	17	f.	f.	PROPN
ajfa-9064	422	18	,	,	PUNCT
ajfa-9064	422	19	&	&	CCONJ
ajfa-9064	422	20	jensen	jensen	PROPN
ajfa-9064	422	21	,	,	PUNCT
ajfa-9064	422	22	m.	m.	PROPN
ajfa-9064	422	23	c.	c.	PROPN
ajfa-9064	422	24	(	(	PUNCT
ajfa-9064	422	25	1983).agency	1983).agency	NUM
ajfa-9064	422	26	problems	problem	NOUN
ajfa-9064	422	27	and	and	CCONJ
ajfa-9064	422	28	residual	residual	ADJ
ajfa-9064	422	29	claims.journal	claims.journal	PROPN
ajfa-9064	422	30	of	of	ADP
ajfa-9064	422	31	law	law	NOUN
ajfa-9064	422	32	and	and	CCONJ
ajfa-9064	422	33	economics,26(2	economics,26(2	PROPN
ajfa-9064	422	34	)	)	PUNCT
ajfa-9064	422	35	,	,	PUNCT
ajfa-9064	422	36	327-349.http://dx.doi.org/10.1086/467038	327-349.http://dx.doi.org/10.1086/467038	NUM
ajfa-9064	422	37	fama	fama	NOUN
ajfa-9064	422	38	,	,	PUNCT
ajfa-9064	422	39	e.	e.	PROPN
ajfa-9064	422	40	,	,	PUNCT
ajfa-9064	422	41	&	&	CCONJ
ajfa-9064	422	42	french	french	PROPN
ajfa-9064	422	43	,	,	PUNCT
ajfa-9064	422	44	k.	k.	PROPN
ajfa-9064	423	1	(	(	PUNCT
ajfa-9064	423	2	1993).common	1993).common	NUM
ajfa-9064	423	3	risk	risk	NOUN
ajfa-9064	423	4	factors	factor	NOUN
ajfa-9064	423	5	in	in	ADP
ajfa-9064	423	6	the	the	DET
ajfa-9064	423	7	returns	return	NOUN
ajfa-9064	423	8	on	on	ADP
ajfa-9064	423	9	stocks	stock	NOUN
ajfa-9064	423	10	and	and	CCONJ
ajfa-9064	423	11	bonds.journal	bonds.journal	PROPN
ajfa-9064	423	12	of	of	ADP
ajfa-9064	423	13	financial	financial	ADJ
ajfa-9064	423	14	economics	economic	NOUN
ajfa-9064	423	15	,	,	PUNCT
ajfa-9064	423	16	33(1	33(1	NUM
ajfa-9064	423	17	)	)	PUNCT
ajfa-9064	423	18	,	,	PUNCT
ajfa-9064	423	19	3-56.http://dx.doi.org/10.1016/0304-405x(93)90023-5	3-56.http://dx.doi.org/10.1016/0304-405x(93)90023-5	NUM
ajfa-9064	423	20	fang	fang	X
ajfa-9064	423	21	,	,	PUNCT
ajfa-9064	423	22	v.	v.	PROPN
ajfa-9064	423	23	w.	w.	PROPN
ajfa-9064	423	24	,	,	PUNCT
ajfa-9064	423	25	noe	noe	PROPN
ajfa-9064	423	26	,	,	PUNCT
ajfa-9064	423	27	t.	t.	PROPN
ajfa-9064	423	28	h.	h.	PROPN
ajfa-9064	423	29	,	,	PUNCT
ajfa-9064	423	30	&	&	CCONJ
ajfa-9064	423	31	tice	tice	PROPN
ajfa-9064	423	32	,	,	PUNCT
ajfa-9064	423	33	s.	s.	PROPN
ajfa-9064	423	34	(	(	PUNCT
ajfa-9064	423	35	2009	2009	NUM
ajfa-9064	423	36	)	)	PUNCT
ajfa-9064	423	37	.	.	PUNCT
ajfa-9064	424	1	stock	stock	NOUN
ajfa-9064	424	2	market	market	NOUN
ajfa-9064	424	3	liquidity	liquidity	NOUN
ajfa-9064	424	4	and	and	CCONJ
ajfa-9064	424	5	firm	firm	ADJ
ajfa-9064	424	6	value.journal	value.journal	PROPN
ajfa-9064	424	7	of	of	ADP
ajfa-9064	424	8	financial	financial	ADJ
ajfa-9064	424	9	economics	economic	NOUN
ajfa-9064	424	10	,	,	PUNCT
ajfa-9064	424	11	94(1),150	94(1),150	NOUN
ajfa-9064	424	12	-	-	PUNCT
ajfa-9064	424	13	169.http://dx.doi.org/10.1016	169.http://dx.doi.org/10.1016	NUM
ajfa-9064	424	14	/	/	SYM
ajfa-9064	424	15	j.jfineco.2008.08.007	j.jfineco.2008.08.007	NUM
ajfa-9064	424	16	faulkender	faulkender	NOUN
ajfa-9064	424	17	,	,	PUNCT
ajfa-9064	424	18	m.	m.	NOUN
ajfa-9064	424	19	,	,	PUNCT
ajfa-9064	424	20	&	&	CCONJ
ajfa-9064	424	21	wang	wang	PROPN
ajfa-9064	424	22	,	,	PUNCT
ajfa-9064	424	23	r.	r.	PROPN
ajfa-9064	424	24	(	(	PUNCT
ajfa-9064	424	25	2006).corporate	2006).corporate	NUM
ajfa-9064	424	26	financial	financial	ADJ
ajfa-9064	424	27	policy	policy	NOUN
ajfa-9064	424	28	and	and	CCONJ
ajfa-9064	424	29	the	the	DET
ajfa-9064	424	30	value	value	NOUN
ajfa-9064	424	31	ofcash.journal	ofcash.journal	VERB
ajfa-9064	424	32	of	of	ADP
ajfa-9064	424	33	finance	finance	NOUN
ajfa-9064	424	34	,	,	PUNCT
ajfa-9064	424	35	61(4	61(4	NUM
ajfa-9064	424	36	)	)	PUNCT
ajfa-9064	424	37	,	,	PUNCT
ajfa-9064	424	38	1957–1990.http://dx.doi.org/10.1111	1957–1990.http://dx.doi.org/10.1111	NUM
ajfa-9064	424	39	/	/	SYM
ajfa-9064	424	40	j.1540	j.1540	PROPN
ajfa-9064	424	41	-	-	PUNCT
ajfa-9064	424	42	6261.2006.00894.x	6261.2006.00894.x	NUM
ajfa-9064	424	43	felo	felo	NOUN
ajfa-9064	424	44	,	,	PUNCT
ajfa-9064	424	45	a.	a.	PROPN
ajfa-9064	424	46	j.	j.	PROPN
ajfa-9064	424	47	,	,	PUNCT
ajfa-9064	424	48	srinivasany	srinivasany	PROPN
ajfa-9064	424	49	,	,	PUNCT
ajfa-9064	424	50	k.	k.	PROPN
ajfa-9064	424	51	,	,	PUNCT
ajfa-9064	424	52	&	&	CCONJ
ajfa-9064	424	53	solieri	solieri	PROPN
ajfa-9064	424	54	,	,	PUNCT
ajfa-9064	424	55	s.	s.	PROPN
ajfa-9064	424	56	a.	a.	PROPN
ajfa-9064	424	57	(	(	PUNCT
ajfa-9064	424	58	2003).audit	2003).audit	PROPN
ajfa-9064	424	59	committee	committee	NOUN
ajfa-9064	424	60	characteristics	characteristic	NOUN
ajfa-9064	424	61	and	and	CCONJ
ajfa-9064	424	62	the	the	DET
ajfa-9064	424	63	perceived	perceive	VERB
ajfa-9064	424	64	quality	quality	NOUN
ajfa-9064	424	65	of	of	ADP
ajfa-9064	424	66	financial	financial	ADJ
ajfa-9064	424	67	reporting	reporting	NOUN
ajfa-9064	424	68	:	:	PUNCT
ajfa-9064	424	69	an	an	DET
ajfa-9064	424	70	empirical	empirical	ADJ
ajfa-9064	424	71	analysis.working	analysis.working	NOUN
ajfa-9064	424	72	paper	paper	NOUN
ajfa-9064	424	73	.	.	PUNCT
ajfa-9064	425	1	fraser	fraser	PROPN
ajfa-9064	425	2	,	,	PUNCT
ajfa-9064	425	3	d.	d.	PROPN
ajfa-9064	425	4	r.	r.	PROPN
ajfa-9064	425	5	,	,	PUNCT
ajfa-9064	425	6	&	&	CCONJ
ajfa-9064	425	7	groth	groth	PROPN
ajfa-9064	425	8	,	,	PUNCT
ajfa-9064	425	9	j.	j.	PROPN
ajfa-9064	425	10	c.	c.	PROPN
ajfa-9064	425	11	(	(	PUNCT
ajfa-9064	425	12	1985	1985	NUM
ajfa-9064	425	13	)	)	PUNCT
ajfa-9064	425	14	.	.	PUNCT
ajfa-9064	426	1	listing	list	VERB
ajfa-9064	426	2	and	and	CCONJ
ajfa-9064	426	3	the	the	DET
ajfa-9064	426	4	liquidity	liquidity	NOUN
ajfa-9064	426	5	of	of	ADP
ajfa-9064	426	6	bank	bank	NOUN
ajfa-9064	426	7	stocks.journal	stocks.journal	PROPN
ajfa-9064	426	8	of	of	ADP
ajfa-9064	426	9	bank	bank	PROPN
ajfa-9064	426	10	research	research	NOUN
ajfa-9064	426	11	,	,	PUNCT
ajfa-9064	426	12	6	6	NUM
ajfa-9064	426	13	,	,	PUNCT
ajfa-9064	426	14	136	136	NUM
ajfa-9064	426	15	-	-	SYM
ajfa-9064	426	16	144	144	NUM
ajfa-9064	426	17	.	.	PUNCT
ajfa-9064	427	1	griffin	griffin	PROPN
ajfa-9064	427	2	,	,	PUNCT
ajfa-9064	427	3	p.	p.	NOUN
ajfa-9064	427	4	a.	a.	NOUN
ajfa-9064	427	5	,	,	PUNCT
ajfa-9064	427	6	lont	lont	ADV
ajfa-9064	427	7	,	,	PUNCT
ajfa-9064	427	8	d.	d.	PROPN
ajfa-9064	427	9	h.	h.	PROPN
ajfa-9064	427	10	,	,	PUNCT
ajfa-9064	427	11	&	&	CCONJ
ajfa-9064	427	12	sun	sun	PROPN
ajfa-9064	427	13	,	,	PUNCT
ajfa-9064	427	14	y.(2010	y.(2010	PROPN
ajfa-9064	427	15	)	)	PUNCT
ajfa-9064	427	16	.	.	PUNCT
ajfa-9064	428	1	agency	agency	NOUN
ajfa-9064	428	2	problems	problem	NOUN
ajfa-9064	428	3	and	and	CCONJ
ajfa-9064	428	4	audit	audit	NOUN
ajfa-9064	428	5	fees	fee	NOUN
ajfa-9064	428	6	:	:	PUNCT
ajfa-9064	428	7	further	further	ADJ
ajfa-9064	428	8	tests	test	NOUN
ajfa-9064	428	9	of	of	ADP
ajfa-9064	428	10	the	the	DET
ajfa-9064	428	11	free	free	ADJ
ajfa-9064	428	12	cash	cash	NOUN
ajfa-9064	428	13	flow	flow	NOUN
ajfa-9064	428	14	hypothesis	hypothesis	NOUN
ajfa-9064	428	15	.	.	PUNCT
ajfa-9064	429	1	accounting	accounting	NOUN
ajfa-9064	429	2	and	and	CCONJ
ajfa-9064	429	3	finance	finance	NOUN
ajfa-9064	429	4	,	,	PUNCT
ajfa-9064	429	5	50(2	50(2	NUM
ajfa-9064	429	6	)	)	PUNCT
ajfa-9064	429	7	,	,	PUNCT
ajfa-9064	429	8	http://doi.org/10.1177/0266242603021001244	http://doi.org/10.1177/0266242603021001244	NOUN
ajfa-9064	429	9	http://doi.org/10.1016/s0927-538x(98)00013-4	http://doi.org/10.1016/s0927-538x(98)00013-4	PROPN
ajfa-9064	429	10	http://doi.org/10.2308/accr-50585	http://doi.org/10.2308/accr-50585	PROPN
ajfa-9064	429	11	http://doi.org/10.1016/0148-6195(85)90003-7	http://doi.org/10.1016/0148-6195(85)90003-7	PROPN
ajfa-9064	429	12	http://doi.org/10.1016/j.cpa.2007.03.005	http://doi.org/10.1016/j.cpa.2007.03.005	VERB
ajfa-9064	429	13	http://doi.org/10.1016/j.jfineco.2005.12.006	http://doi.org/10.1016/j.jfineco.2005.12.006	NOUN
ajfa-9064	429	14	http://doi.org/10.1086/260866	http://doi.org/10.1086/260866	NOUN
ajfa-9064	429	15	http://doi.org/10.1086/467037	http://doi.org/10.1086/467037	PROPN
ajfa-9064	429	16	http://doi.org/10.1086/467038	http://doi.org/10.1086/467038	VERB
ajfa-9064	430	1	http://doi.org/10.1016/0304-405x(93)90023-5	http://doi.org/10.1016/0304-405x(93)90023-5	PROPN
ajfa-9064	430	2	http://doi.org/10.1016/j.jfineco.2008.08.007	http://doi.org/10.1016/j.jfineco.2008.08.007	VERB
ajfa-9064	430	3	http://dx.doi.org/10.1111/j.1540-6261.2006.00894.x	http://dx.doi.org/10.1111/j.1540-6261.2006.00894.x	ADJ
ajfa-9064	430	4	http://dx.doi.org/10.1111/j.1540-6261.2006.00894.x	http://dx.doi.org/10.1111/j.1540-6261.2006.00894.x	ADJ
ajfa-9064	430	5	http://doi.org/10.1111/j.1540-6261.2006.00894.x	http://doi.org/10.1111/j.1540-6261.2006.00894.x	NUM
ajfa-9064	430	6	asian	asian	ADJ
ajfa-9064	430	7	journal	journal	NOUN
ajfa-9064	430	8	of	of	ADP
ajfa-9064	430	9	finance	finance	PROPN
ajfa-9064	430	10	&	&	CCONJ
ajfa-9064	430	11	accounting	accounting	PROPN
ajfa-9064	430	12	issn	issn	PROPN
ajfa-9064	430	13	1946	1946	NUM
ajfa-9064	430	14	-	-	PUNCT
ajfa-9064	430	15	052x	052x	PROPN
ajfa-9064	430	16	2016	2016	NUM
ajfa-9064	430	17	,	,	PUNCT
ajfa-9064	430	18	vol	vol	NOUN
ajfa-9064	430	19	.	.	PROPN
ajfa-9064	430	20	8	8	NUM
ajfa-9064	430	21	,	,	PUNCT
ajfa-9064	430	22	no	no	INTJ
ajfa-9064	430	23	.	.	NOUN
ajfa-9064	430	24	1	1	NUM
ajfa-9064	430	25	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9064	430	26	124	124	NUM
ajfa-9064	430	27	321-350.http://dx.doi.org/10.1111/j.1467-629x.2009.00327.x	321-350.http://dx.doi.org/10.1111/j.1467-629x.2009.00327.x	PROPN
ajfa-9064	430	28	grossman	grossman	NOUN
ajfa-9064	430	29	,	,	PUNCT
ajfa-9064	430	30	s.	s.	PROPN
ajfa-9064	430	31	(	(	PUNCT
ajfa-9064	430	32	1981).the	1981).the	PRON
ajfa-9064	430	33	information	information	NOUN
ajfa-9064	430	34	role	role	NOUN
ajfa-9064	430	35	of	of	ADP
ajfa-9064	430	36	warranties	warranty	NOUN
ajfa-9064	430	37	and	and	CCONJ
ajfa-9064	430	38	private	private	ADJ
ajfa-9064	430	39	disclosure	disclosure	NOUN
ajfa-9064	430	40	about	about	ADP
ajfa-9064	430	41	product	product	NOUN
ajfa-9064	430	42	quality.journal	quality.journal	ADJ
ajfa-9064	430	43	of	of	ADP
ajfa-9064	430	44	law	law	NOUN
ajfa-9064	430	45	and	and	CCONJ
ajfa-9064	430	46	economics,24(3	economics,24(3	NOUN
ajfa-9064	430	47	)	)	PUNCT
ajfa-9064	430	48	,	,	PUNCT
ajfa-9064	430	49	461-483.http://dx.doi.org/10.1086/466995	461-483.http://dx.doi.org/10.1086/466995	PROPN
ajfa-9064	430	50	huang	huang	PROPN
ajfa-9064	430	51	,	,	PUNCT
ajfa-9064	430	52	c.	c.	PROPN
ajfa-9064	430	53	l.	l.	PROPN
ajfa-9064	430	54	,	,	PUNCT
ajfa-9064	430	55	chen	chen	PROPN
ajfa-9064	430	56	,	,	PUNCT
ajfa-9064	430	57	w.	w.	PROPN
ajfa-9064	430	58	j.	j.	PROPN
ajfa-9064	430	59	,	,	PUNCT
ajfa-9064	430	60	&	&	CCONJ
ajfa-9064	430	61	lu	lu	PROPN
ajfa-9064	430	62	,	,	PUNCT
ajfa-9064	430	63	k.	k.	PROPN
ajfa-9064	430	64	c.	c.	PROPN
ajfa-9064	430	65	(	(	PUNCT
ajfa-9064	430	66	2014	2014	NUM
ajfa-9064	430	67	)	)	PUNCT
ajfa-9064	430	68	.	.	PUNCT
ajfa-9064	431	1	the	the	DET
ajfa-9064	431	2	monitoring	monitoring	NOUN
ajfa-9064	431	3	effect	effect	NOUN
ajfa-9064	431	4	of	of	ADP
ajfa-9064	431	5	information	information	NOUN
ajfa-9064	431	6	disclosure	disclosure	NOUN
ajfa-9064	431	7	:	:	PUNCT
ajfa-9064	431	8	institutional	institutional	ADJ
ajfa-9064	431	9	and	and	CCONJ
ajfa-9064	431	10	retail	retail	ADJ
ajfa-9064	431	11	investors	investor	NOUN
ajfa-9064	431	12	.	.	PUNCT
ajfa-9064	432	1	international	international	ADJ
ajfa-9064	432	2	journal	journal	PROPN
ajfa-9064	432	3	of	of	ADP
ajfa-9064	432	4	information	information	NOUN
ajfa-9064	432	5	and	and	CCONJ
ajfa-9064	432	6	management	management	NOUN
ajfa-9064	432	7	sciences	science	NOUN
ajfa-9064	432	8	,	,	PUNCT
ajfa-9064	432	9	25(s	25(s	NUM
ajfa-9064	432	10	)	)	PUNCT
ajfa-9064	432	11	,	,	PUNCT
ajfa-9064	432	12	197-214.http://dx.doi.org/10.6186/ijims.2014.25.3.1	197-214.http://dx.doi.org/10.6186/ijims.2014.25.3.1	PROPN
ajfa-9064	432	13	huang	huang	PROPN
ajfa-9064	432	14	,	,	PUNCT
ajfa-9064	432	15	h.	h.	PROPN
ajfa-9064	432	16	h.	h.	PROPN
ajfa-9064	432	17	(	(	PUNCT
ajfa-9064	432	18	2013	2013	NUM
ajfa-9064	432	19	)	)	PUNCT
ajfa-9064	432	20	.	.	PUNCT
ajfa-9064	433	1	a	a	DET
ajfa-9064	433	2	comparison	comparison	NOUN
ajfa-9064	433	3	of	of	ADP
ajfa-9064	433	4	market	market	NOUN
ajfa-9064	433	5	performance	performance	NOUN
ajfa-9064	433	6	:	:	PUNCT
ajfa-9064	433	7	taiwan	taiwan	PROPN
ajfa-9064	433	8	stock	stock	PROPN
ajfa-9064	433	9	exchange	exchange	PROPN
ajfa-9064	433	10	and	and	CCONJ
ajfa-9064	433	11	r.o.c	r.o.c	NOUN
ajfa-9064	433	12	.	.	PUNCT
ajfa-9064	433	13	over	over	ADP
ajfa-9064	433	14	-	-	PUNCT
ajfa-9064	433	15	the	the	DET
ajfa-9064	433	16	-	-	PUNCT
ajfa-9064	433	17	counter	counter	NOUN
ajfa-9064	433	18	securities	security	NOUN
ajfa-9064	433	19	exchange	exchange	NOUN
ajfa-9064	433	20	.	.	PUNCT
ajfa-9064	434	1	national	national	PROPN
ajfa-9064	434	2	taiwan	taiwan	PROPN
ajfa-9064	434	3	university	university	PROPN
ajfa-9064	434	4	law	law	NOUN
ajfa-9064	434	5	journal	journal	NOUN
ajfa-9064	434	6	,	,	PUNCT
ajfa-9064	434	7	42(s	42(s	NUM
ajfa-9064	434	8	)	)	PUNCT
ajfa-9064	434	9	,	,	PUNCT
ajfa-9064	434	10	1109	1109	NUM
ajfa-9064	434	11	1145	1145	NUM
ajfa-9064	434	12	.	.	PUNCT
ajfa-9064	435	1	http://dx.doi.org/10.6199/ntulj.2013.42.sp.09	http://dx.doi.org/10.6199/ntulj.2013.42.sp.09	PROPN
ajfa-9064	435	2	hasbrouck	hasbrouck	PROPN
ajfa-9064	435	3	,	,	PUNCT
ajfa-9064	435	4	j.	j.	PROPN
ajfa-9064	435	5	,	,	PUNCT
ajfa-9064	435	6	&	&	CCONJ
ajfa-9064	435	7	schwartz	schwartz	PROPN
ajfa-9064	435	8	,	,	PUNCT
ajfa-9064	435	9	r.	r.	PROPN
ajfa-9064	435	10	a.	a.	PROPN
ajfa-9064	436	1	(	(	PUNCT
ajfa-9064	436	2	1988).liquidity	1988).liquidity	NOUN
ajfa-9064	436	3	and	and	CCONJ
ajfa-9064	436	4	execution	execution	NOUN
ajfa-9064	436	5	costs	cost	NOUN
ajfa-9064	436	6	in	in	ADP
ajfa-9064	436	7	equity	equity	NOUN
ajfa-9064	436	8	markets.the	markets.the	PROPN
ajfa-9064	436	9	journal	journal	PROPN
ajfa-9064	436	10	of	of	ADP
ajfa-9064	436	11	portfolio	portfolio	NOUN
ajfa-9064	436	12	management	management	PROPN
ajfa-9064	436	13	,	,	PUNCT
ajfa-9064	436	14	14(3	14(3	NUM
ajfa-9064	436	15	)	)	PUNCT
ajfa-9064	436	16	,	,	PUNCT
ajfa-9064	436	17	10-16.http://dx.doi.org/10.3905/jpm.1988.409160	10-16.http://dx.doi.org/10.3905/jpm.1988.409160	PROPN
ajfa-9064	436	18	holmstrom	holmstrom	PROPN
ajfa-9064	436	19	,	,	PUNCT
ajfa-9064	436	20	b.	b.	PROPN
ajfa-9064	436	21	,	,	PUNCT
ajfa-9064	436	22	&	&	CCONJ
ajfa-9064	436	23	kaplan	kaplan	PROPN
ajfa-9064	436	24	,	,	PUNCT
ajfa-9064	436	25	s.	s.	PROPN
ajfa-9064	436	26	(	(	PUNCT
ajfa-9064	436	27	2003	2003	NUM
ajfa-9064	436	28	)	)	PUNCT
ajfa-9064	436	29	.	.	PUNCT
ajfa-9064	437	1	the	the	DET
ajfa-9064	437	2	state	state	NOUN
ajfa-9064	437	3	of	of	ADP
ajfa-9064	437	4	u.s	u.s	PROPN
ajfa-9064	437	5	.	.	PROPN
ajfa-9064	437	6	corporate	corporate	ADJ
ajfa-9064	437	7	governance	governance	NOUN
ajfa-9064	437	8	:	:	PUNCT
ajfa-9064	437	9	what	what	PRON
ajfa-9064	437	10	's	be	AUX
ajfa-9064	437	11	right	right	ADJ
ajfa-9064	437	12	and	and	CCONJ
ajfa-9064	437	13	what	what	PRON
ajfa-9064	437	14	's	be	AUX
ajfa-9064	437	15	wrong	wrong	ADJ
ajfa-9064	437	16	?	?	PUNCT
ajfa-9064	438	1	journal	journal	NOUN
ajfa-9064	438	2	of	of	ADP
ajfa-9064	438	3	applied	apply	VERB
ajfa-9064	438	4	corporate	corporate	ADJ
ajfa-9064	438	5	finance,15(3	finance,15(3	PROPN
ajfa-9064	438	6	)	)	PUNCT
ajfa-9064	438	7	,	,	PUNCT
ajfa-9064	438	8	8-20.http://dx.doi.org/10.1111/j.1745-6622.2003.tb00457.x	8-20.http://dx.doi.org/10.1111/j.1745-6622.2003.tb00457.x	PROPN
ajfa-9064	438	9	hsu	hsu	PROPN
ajfa-9064	438	10	,	,	PUNCT
ajfa-9064	438	11	w.	w.	PROPN
ajfa-9064	438	12	h.	h.	PROPN
ajfa-9064	438	13	(	(	PUNCT
ajfa-9064	438	14	2014	2014	NUM
ajfa-9064	438	15	)	)	PUNCT
ajfa-9064	438	16	.	.	PUNCT
ajfa-9064	439	1	can	can	AUX
ajfa-9064	439	2	audit	audit	VERB
ajfa-9064	439	3	committee	committee	NOUN
ajfa-9064	439	4	improve	improve	VERB
ajfa-9064	439	5	earnings	earning	NOUN
ajfa-9064	439	6	quality	quality	NOUN
ajfa-9064	439	7	more	more	ADJ
ajfa-9064	439	8	than	than	ADP
ajfa-9064	439	9	the	the	DET
ajfa-9064	439	10	supervisors	supervisor	NOUN
ajfa-9064	439	11	in	in	ADP
ajfa-9064	439	12	taiwan	taiwan	PROPN
ajfa-9064	439	13	?	?	PUNCT
ajfa-9064	440	1	ntu	ntu	PROPN
ajfa-9064	440	2	management	management	PROPN
ajfa-9064	440	3	review	review	PROPN
ajfa-9064	440	4	,	,	PUNCT
ajfa-9064	440	5	24(s1	24(s1	NUM
ajfa-9064	440	6	)	)	PUNCT
ajfa-9064	440	7	,	,	PUNCT
ajfa-9064	440	8	203-232.http://dx.doi.org/10.6226/nturm2014.jun.r11002	203-232.http://dx.doi.org/10.6226/nturm2014.jun.r11002	NUM
ajfa-9064	440	9	jensen	jensen	PROPN
ajfa-9064	440	10	,	,	PUNCT
ajfa-9064	440	11	m.	m.	PROPN
ajfa-9064	440	12	c.	c.	PROPN
ajfa-9064	440	13	,	,	PUNCT
ajfa-9064	440	14	&	&	CCONJ
ajfa-9064	440	15	meckling	meckling	PROPN
ajfa-9064	440	16	,	,	PUNCT
ajfa-9064	440	17	w.	w.	PROPN
ajfa-9064	440	18	h.	h.	PROPN
ajfa-9064	440	19	(	(	PUNCT
ajfa-9064	440	20	1976	1976	NUM
ajfa-9064	440	21	)	)	PUNCT
ajfa-9064	440	22	.	.	PUNCT
ajfa-9064	441	1	theory	theory	NOUN
ajfa-9064	441	2	of	of	ADP
ajfa-9064	441	3	the	the	DET
ajfa-9064	441	4	firm	firm	NOUN
ajfa-9064	441	5	:	:	PUNCT
ajfa-9064	441	6	managerial	managerial	ADJ
ajfa-9064	441	7	behavior	behavior	NOUN
ajfa-9064	441	8	,	,	PUNCT
ajfa-9064	441	9	agency	agency	NOUN
ajfa-9064	441	10	costs	cost	NOUN
ajfa-9064	441	11	&	&	CCONJ
ajfa-9064	441	12	ownership	ownership	NOUN
ajfa-9064	441	13	structure	structure	NOUN
ajfa-9064	441	14	.	.	PUNCT
ajfa-9064	442	1	journal	journal	NOUN
ajfa-9064	442	2	of	of	ADP
ajfa-9064	442	3	financial	financial	PROPN
ajfa-9064	442	4	economics,3(4	economics,3(4	PROPN
ajfa-9064	442	5	)	)	PUNCT
ajfa-9064	442	6	,	,	PUNCT
ajfa-9064	442	7	305−360.http://dx.doi.org/10.1016/0304	305−360.http://dx.doi.org/10.1016/0304	NUM
ajfa-9064	442	8	-	-	SYM
ajfa-9064	442	9	405x(76)90026	405x(76)90026	PROPN
ajfa-9064	442	10	-	-	PUNCT
ajfa-9064	442	11	x	x	SYM
ajfa-9064	442	12	kent	kent	PROPN
ajfa-9064	442	13	,	,	PUNCT
ajfa-9064	442	14	p.	p.	PROPN
ajfa-9064	442	15	,	,	PUNCT
ajfa-9064	442	16	routledge	routledge	PROPN
ajfa-9064	442	17	,	,	PUNCT
ajfa-9064	442	18	j.	j.	PROPN
ajfa-9064	442	19	,&stewart	,&stewart	PROPN
ajfa-9064	442	20	,	,	PUNCT
ajfa-9064	442	21	j.	j.	PROPN
ajfa-9064	442	22	(	(	PUNCT
ajfa-9064	442	23	2010).innate	2010).innate	NUM
ajfa-9064	442	24	and	and	CCONJ
ajfa-9064	442	25	discretionary	discretionary	ADJ
ajfa-9064	442	26	accrual	accrual	ADJ
ajfa-9064	442	27	quality	quality	NOUN
ajfa-9064	442	28	and	and	CCONJ
ajfa-9064	442	29	corporate	corporate	ADJ
ajfa-9064	442	30	governance.accounting	governance.accounting	NOUN
ajfa-9064	442	31	and	and	CCONJ
ajfa-9064	442	32	finance,50(1	finance,50(1	PROPN
ajfa-9064	442	33	)	)	PUNCT
ajfa-9064	442	34	,	,	PUNCT
ajfa-9064	442	35	171–195.http://dx.doi.org/10.1111	171–195.http://dx.doi.org/10.1111	PROPN
ajfa-9064	442	36	/	/	SYM
ajfa-9064	442	37	j.1467	j.1467	ADP
ajfa-9064	442	38	-	-	PUNCT
ajfa-9064	442	39	629x.2009.00321.x	629x.2009.00321.x	NOUN
ajfa-9064	442	40	keynes	keyne	NOUN
ajfa-9064	442	41	,	,	PUNCT
ajfa-9064	442	42	j.	j.	PROPN
ajfa-9064	442	43	m.	m.	PROPN
ajfa-9064	442	44	(	(	PUNCT
ajfa-9064	442	45	1936	1936	NUM
ajfa-9064	442	46	)	)	PUNCT
ajfa-9064	442	47	.	.	PUNCT
ajfa-9064	443	1	the	the	DET
ajfa-9064	443	2	general	general	ADJ
ajfa-9064	443	3	theory	theory	NOUN
ajfa-9064	443	4	of	of	ADP
ajfa-9064	443	5	employment	employment	NOUN
ajfa-9064	443	6	,	,	PUNCT
ajfa-9064	443	7	interest	interest	NOUN
ajfa-9064	443	8	,	,	PUNCT
ajfa-9064	443	9	and	and	CCONJ
ajfa-9064	443	10	money.macmillan	money.macmillan	PROPN
ajfa-9064	443	11	:	:	PUNCT
ajfa-9064	443	12	london	london	PROPN
ajfa-9064	443	13	.	.	PUNCT
ajfa-9064	444	1	koehn	koehn	PROPN
ajfa-9064	444	2	,	,	PUNCT
ajfa-9064	444	3	l	l	NOUN
ajfa-9064	444	4	,	,	PUNCT
ajfa-9064	444	5	&	&	CCONJ
ajfa-9064	444	6	del	del	PROPN
ajfa-9064	444	7	vecchio	vecchio	PROPN
ajfa-9064	444	8	,	,	PUNCT
ajfa-9064	444	9	s.	s.	PROPN
ajfa-9064	444	10	(	(	PUNCT
ajfa-9064	444	11	2004	2004	NUM
ajfa-9064	444	12	)	)	PUNCT
ajfa-9064	444	13	.	.	PUNCT
ajfa-9064	445	1	ripple	ripple	ADJ
ajfa-9064	445	2	effects	effect	NOUN
ajfa-9064	445	3	of	of	ADP
ajfa-9064	445	4	the	the	DET
ajfa-9064	445	5	sarbanes	sarbanes	PROPN
ajfa-9064	445	6	-	-	PUNCT
ajfa-9064	445	7	oxley	oxley	PROPN
ajfa-9064	445	8	act.the	act.the	DET
ajfa-9064	445	9	cpa	cpa	PROPN
ajfa-9064	445	10	journal	journal	PROPN
ajfa-9064	445	11	,	,	PUNCT
ajfa-9064	445	12	74(2	74(2	NUM
ajfa-9064	445	13	)	)	PUNCT
ajfa-9064	445	14	,	,	PUNCT
ajfa-9064	445	15	36-40.http://dx.doi.org/10.9774/gleaf.4700.2005.wi.00005	36-40.http://dx.doi.org/10.9774/gleaf.4700.2005.wi.00005	NUM
ajfa-9064	445	16	la	la	ADP
ajfa-9064	445	17	porta	porta	PROPN
ajfa-9064	445	18	,	,	PUNCT
ajfa-9064	445	19	r.	r.	PROPN
ajfa-9064	445	20	,	,	PUNCT
ajfa-9064	445	21	lopez	lopez	NOUN
ajfa-9064	445	22	-	-	PUNCT
ajfa-9064	445	23	de	de	NOUN
ajfa-9064	445	24	-	-	NOUN
ajfa-9064	445	25	silanes	silanes	PROPN
ajfa-9064	445	26	,	,	PUNCT
ajfa-9064	445	27	f.	f.	PROPN
ajfa-9064	445	28	,	,	PUNCT
ajfa-9064	445	29	&	&	CCONJ
ajfa-9064	445	30	shleifer	shleifer	PROPN
ajfa-9064	445	31	,	,	PUNCT
ajfa-9064	445	32	a.	a.	NOUN
ajfa-9064	445	33	(	(	PUNCT
ajfa-9064	445	34	2002	2002	NUM
ajfa-9064	445	35	)	)	PUNCT
ajfa-9064	445	36	.	.	PUNCT
ajfa-9064	446	1	government	government	NOUN
ajfa-9064	446	2	ownership	ownership	NOUN
ajfa-9064	446	3	of	of	ADP
ajfa-9064	446	4	banks.the	banks.the	PROPN
ajfa-9064	446	5	journal	journal	NOUN
ajfa-9064	446	6	of	of	ADP
ajfa-9064	446	7	finance,57(1	finance,57(1	PROPN
ajfa-9064	446	8	)	)	PUNCT
ajfa-9064	446	9	,	,	PUNCT
ajfa-9064	446	10	265–301.http://dx.doi.org/10.1111/1540	265–301.http://dx.doi.org/10.1111/1540	X
ajfa-9064	446	11	-	-	SYM
ajfa-9064	446	12	6261.00422	6261.00422	NUM
ajfa-9064	446	13	lau	lau	PROPN
ajfa-9064	446	14	,	,	PUNCT
ajfa-9064	446	15	j.	j.	PROPN
ajfa-9064	446	16	,	,	PUNCT
ajfa-9064	446	17	sinnadurai	sinnadurai	PROPN
ajfa-9064	446	18	,	,	PUNCT
ajfa-9064	446	19	p.	p.	PROPN
ajfa-9064	446	20	wright	wright	PROPN
ajfa-9064	446	21	,	,	PUNCT
ajfa-9064	446	22	s.	s.	PROPN
ajfa-9064	446	23	(	(	PUNCT
ajfa-9064	446	24	2009	2009	NUM
ajfa-9064	446	25	)	)	PUNCT
ajfa-9064	446	26	.	.	PUNCT
ajfa-9064	447	1	corporate	corporate	ADJ
ajfa-9064	447	2	governance	governance	NOUN
ajfa-9064	447	3	and	and	CCONJ
ajfa-9064	447	4	chief	chief	ADJ
ajfa-9064	447	5	executive	executive	ADJ
ajfa-9064	447	6	officer	officer	NOUN
ajfa-9064	447	7	dismissal	dismissal	NOUN
ajfa-9064	447	8	following	follow	VERB
ajfa-9064	447	9	poor	poor	ADJ
ajfa-9064	447	10	performance	performance	NOUN
ajfa-9064	447	11	:	:	PUNCT
ajfa-9064	447	12	australian	australian	ADJ
ajfa-9064	447	13	evidence	evidence	NOUN
ajfa-9064	447	14	.	.	PUNCT
ajfa-9064	448	1	accounting	accounting	NOUN
ajfa-9064	448	2	and	and	CCONJ
ajfa-9064	448	3	finance	finance	NOUN
ajfa-9064	448	4	,	,	PUNCT
ajfa-9064	448	5	49(1	49(1	NOUN
ajfa-9064	448	6	)	)	PUNCT
ajfa-9064	448	7	,	,	PUNCT
ajfa-9064	448	8	161-182.http://dx.doi.org/10.1111/j.1467-629x.2008.00278.x	161-182.http://dx.doi.org/10.1111/j.1467-629x.2008.00278.x	NUM
ajfa-9064	448	9	marsh	marsh	NOUN
ajfa-9064	448	10	,	,	PUNCT
ajfa-9064	448	11	t.	t.	PROPN
ajfa-9064	448	12	,	,	PUNCT
ajfa-9064	448	13	rock	rock	PROPN
ajfa-9064	448	14	,	,	PUNCT
ajfa-9064	448	15	k.	k.	PROPN
ajfa-9064	448	16	(	(	PUNCT
ajfa-9064	448	17	1986	1986	NUM
ajfa-9064	448	18	)	)	PUNCT
ajfa-9064	448	19	.	.	PUNCT
ajfa-9064	449	1	exchange	exchange	NOUN
ajfa-9064	449	2	listing	listing	NOUN
ajfa-9064	449	3	and	and	CCONJ
ajfa-9064	449	4	liquidity	liquidity	NOUN
ajfa-9064	449	5	:	:	PUNCT
ajfa-9064	449	6	a	a	DET
ajfa-9064	449	7	comparison	comparison	NOUN
ajfa-9064	449	8	of	of	ADP
ajfa-9064	449	9	the	the	DET
ajfa-9064	449	10	american	american	PROPN
ajfa-9064	449	11	stock	stock	PROPN
ajfa-9064	449	12	exchange	exchange	PROPN
ajfa-9064	449	13	with	with	ADP
ajfa-9064	449	14	the	the	DET
ajfa-9064	449	15	nasdaq	nasdaq	PROPN
ajfa-9064	449	16	national	national	PROPN
ajfa-9064	449	17	market	market	NOUN
ajfa-9064	449	18	system	system	NOUN
ajfa-9064	449	19	.	.	PUNCT
ajfa-9064	450	1	american	american	PROPN
ajfa-9064	450	2	stock	stock	PROPN
ajfa-9064	450	3	exchange	exchange	PROPN
ajfa-9064	450	4	transaction	transaction	PROPN
ajfa-9064	450	5	data	datum	NOUN
ajfa-9064	450	6	research	research	NOUN
ajfa-9064	450	7	project	project	NOUN
ajfa-9064	450	8	#	#	SYM
ajfa-9064	450	9	2	2	NUM
ajfa-9064	450	10	.	.	PUNCT
ajfa-9064	450	11	maug	maug	PROPN
ajfa-9064	450	12	,	,	PUNCT
ajfa-9064	450	13	e.	e.	PROPN
ajfa-9064	450	14	(	(	PUNCT
ajfa-9064	450	15	1998	1998	NUM
ajfa-9064	450	16	)	)	PUNCT
ajfa-9064	450	17	.	.	PUNCT
ajfa-9064	451	1	large	large	ADJ
ajfa-9064	451	2	shareholders	shareholder	NOUN
ajfa-9064	451	3	as	as	ADP
ajfa-9064	451	4	monitors	monitor	NOUN
ajfa-9064	451	5	:	:	PUNCT
ajfa-9064	451	6	is	be	AUX
ajfa-9064	451	7	there	there	PRON
ajfa-9064	451	8	a	a	DET
ajfa-9064	451	9	trade	trade	NOUN
ajfa-9064	451	10	-	-	PUNCT
ajfa-9064	451	11	off	off	NOUN
ajfa-9064	451	12	between	between	ADP
ajfa-9064	451	13	liquidity	liquidity	NOUN
ajfa-9064	451	14	and	and	CCONJ
ajfa-9064	451	15	http://doi.org/10.1111/j.1467-629x.2009.00327.x	http://doi.org/10.1111/j.1467-629x.2009.00327.x	PROPN
ajfa-9064	451	16	http://doi.org/10.1086/466995	http://doi.org/10.1086/466995	NOUN
ajfa-9064	451	17	http://doi.org/10.6186/ijims.2014.25.3.1	http://doi.org/10.6186/ijims.2014.25.3.1	PROPN
ajfa-9064	451	18	http://doi.org/10.6199/ntulj.2013.42.sp.09	http://doi.org/10.6199/ntulj.2013.42.sp.09	PROPN
ajfa-9064	451	19	http://doi.org/10.3905/jpm.1988.409160	http://doi.org/10.3905/jpm.1988.409160	NOUN
ajfa-9064	451	20	http://doi.org/10.1111/j.1745-6622.2003.tb00457.x	http://doi.org/10.1111/j.1745-6622.2003.tb00457.x	ADV
ajfa-9064	451	21	http://doi.org/10.6226/nturm2014.jun.r11002	http://doi.org/10.6226/nturm2014.jun.r11002	ADV
ajfa-9064	452	1	http://doi.org/10.1016/0304-405x(76)90026-x	http://doi.org/10.1016/0304-405x(76)90026-x	PROPN
ajfa-9064	452	2	http://doi.org/10.1111/j.1467-629x.2009.00321.x	http://doi.org/10.1111/j.1467-629x.2009.00321.x	NOUN
ajfa-9064	452	3	http://doi.org/10.9774/gleaf.4700.2005.wi.00005	http://doi.org/10.9774/gleaf.4700.2005.wi.00005	PROPN
ajfa-9064	452	4	http://doi.org/10.1111/1540-6261.00422	http://doi.org/10.1111/1540-6261.00422	PROPN
ajfa-9064	452	5	http://doi.org/10.1111/j.1467-629x.2008.00278.x	http://doi.org/10.1111/j.1467-629x.2008.00278.x	PROPN
ajfa-9064	452	6	asian	asian	ADJ
ajfa-9064	452	7	journal	journal	NOUN
ajfa-9064	452	8	of	of	ADP
ajfa-9064	452	9	finance	finance	PROPN
ajfa-9064	452	10	&	&	CCONJ
ajfa-9064	452	11	accounting	accounting	PROPN
ajfa-9064	452	12	issn	issn	PROPN
ajfa-9064	452	13	1946	1946	NUM
ajfa-9064	452	14	-	-	PUNCT
ajfa-9064	452	15	052x	052x	PROPN
ajfa-9064	452	16	2016	2016	NUM
ajfa-9064	452	17	,	,	PUNCT
ajfa-9064	452	18	vol	vol	NOUN
ajfa-9064	452	19	.	.	PROPN
ajfa-9064	452	20	8	8	NUM
ajfa-9064	452	21	,	,	PUNCT
ajfa-9064	452	22	no	no	INTJ
ajfa-9064	452	23	.	.	NOUN
ajfa-9064	452	24	1	1	NUM
ajfa-9064	452	25	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9064	452	26	125	125	NUM
ajfa-9064	452	27	control	control	NOUN
ajfa-9064	452	28	?	?	PUNCT
ajfa-9064	453	1	journal	journal	NOUN
ajfa-9064	453	2	of	of	ADP
ajfa-9064	453	3	finance,53(1	finance,53(1	PROPN
ajfa-9064	453	4	)	)	PUNCT
ajfa-9064	453	5	,	,	PUNCT
ajfa-9064	453	6	65	65	NUM
ajfa-9064	453	7	-	-	SYM
ajfa-9064	453	8	98	98	NUM
ajfa-9064	453	9	.	.	PUNCT
ajfa-9064	454	1	http://dx.doi.org/10.1111/0022-1082.35053	http://dx.doi.org/10.1111/0022-1082.35053	PROPN
ajfa-9064	454	2	michaelis	michaelis	PROPN
ajfa-9064	454	3	,	,	PUNCT
ajfa-9064	454	4	c.	c.	PROPN
ajfa-9064	454	5	,	,	PUNCT
ajfa-9064	454	6	smith	smith	PROPN
ajfa-9064	454	7	,	,	PUNCT
ajfa-9064	454	8	k.	k.	PROPN
ajfa-9064	454	9	,	,	PUNCT
ajfa-9064	454	10	richards	richards	PROPN
ajfa-9064	454	11	,	,	PUNCT
ajfa-9064	454	12	s.(2001	s.(2001	PROPN
ajfa-9064	454	13	)	)	PUNCT
ajfa-9064	454	14	.	.	PUNCT
ajfa-9064	455	1	regular	regular	ADJ
ajfa-9064	455	2	survey	survey	NOUN
ajfa-9064	455	3	of	of	ADP
ajfa-9064	455	4	small	small	ADJ
ajfa-9064	455	5	business	business	NOUN
ajfa-9064	455	6	,	,	PUNCT
ajfa-9064	455	7	opinions	opinion	NOUN
ajfa-9064	455	8	:	:	PUNCT
ajfa-9064	455	9	first	first	ADJ
ajfa-9064	455	10	survey	survey	NOUN
ajfa-9064	455	11	–	–	PUNCT
ajfa-9064	455	12	final	final	ADJ
ajfa-9064	455	13	report	report	NOUN
ajfa-9064	455	14	.	.	PUNCT
ajfa-9064	456	1	http://www.sbs.gov.uk/content/analytical/research/omnibussurvey1.pdf	http://www.sbs.gov.uk/content/analytical/research/omnibussurvey1.pdf	PROPN
ajfa-9064	456	2	.	.	PUNCT
ajfa-9064	457	1	milgrom	milgrom	ADJ
ajfa-9064	457	2	,	,	PUNCT
ajfa-9064	457	3	p.	p.	PROPN
ajfa-9064	457	4	r.(1981	r.(1981	NOUN
ajfa-9064	457	5	)	)	PUNCT
ajfa-9064	457	6	.	.	PUNCT
ajfa-9064	458	1	good	good	ADJ
ajfa-9064	458	2	news	news	PROPN
ajfa-9064	458	3	and	and	CCONJ
ajfa-9064	458	4	bad	bad	ADJ
ajfa-9064	458	5	news	news	NOUN
ajfa-9064	458	6	:	:	PUNCT
ajfa-9064	458	7	representation	representation	NOUN
ajfa-9064	458	8	theorems	theorem	NOUN
ajfa-9064	458	9	and	and	CCONJ
ajfa-9064	458	10	applications	application	NOUN
ajfa-9064	458	11	.	.	PUNCT
ajfa-9064	459	1	the	the	DET
ajfa-9064	459	2	bell	bell	PROPN
ajfa-9064	459	3	journal	journal	NOUN
ajfa-9064	459	4	of	of	ADP
ajfa-9064	459	5	economics,12(2	economics,12(2	PROPN
ajfa-9064	459	6	)	)	PUNCT
ajfa-9064	459	7	,	,	PUNCT
ajfa-9064	459	8	380-391.http://dx.doi.org/10.2307/3003562	380-391.http://dx.doi.org/10.2307/3003562	NUM
ajfa-9064	459	9	myers	myer	NOUN
ajfa-9064	459	10	,	,	PUNCT
ajfa-9064	459	11	s.	s.	PROPN
ajfa-9064	459	12	c.	c.	PROPN
ajfa-9064	459	13	,&rajan	,&rajan	PROPN
ajfa-9064	459	14	,	,	PUNCT
ajfa-9064	459	15	r.	r.	PROPN
ajfa-9064	459	16	g.	g.	PROPN
ajfa-9064	459	17	(	(	PUNCT
ajfa-9064	459	18	1998).the	1998).the	DET
ajfa-9064	459	19	paradox	paradox	NOUN
ajfa-9064	459	20	of	of	ADP
ajfa-9064	459	21	liquidity.quarterly	liquidity.quarterly	ADJ
ajfa-9064	459	22	journal	journal	NOUN
ajfa-9064	459	23	of	of	ADP
ajfa-9064	459	24	economics,113(3	economics,113(3	NOUN
ajfa-9064	459	25	)	)	PUNCT
ajfa-9064	459	26	,	,	PUNCT
ajfa-9064	459	27	733-771.http://dx.doi.org/10.1162/003355398555739	733-771.http://dx.doi.org/10.1162/003355398555739	NUM
ajfa-9064	459	28	menon	menon	PROPN
ajfa-9064	459	29	,	,	PUNCT
ajfa-9064	459	30	k.	k.	PROPN
ajfa-9064	459	31	,	,	PUNCT
ajfa-9064	459	32	&	&	CCONJ
ajfa-9064	459	33	williams	williams	PROPN
ajfa-9064	459	34	,	,	PUNCT
ajfa-9064	459	35	d.	d.	PROPN
ajfa-9064	459	36	j.(1994).the	j.(1994).the	PROPN
ajfa-9064	459	37	use	use	NOUN
ajfa-9064	459	38	of	of	ADP
ajfa-9064	459	39	audit	audit	NOUN
ajfa-9064	459	40	committee	committee	NOUN
ajfa-9064	459	41	for	for	ADP
ajfa-9064	459	42	monitoring.journal	monitoring.journal	PROPN
ajfa-9064	459	43	of	of	ADP
ajfa-9064	459	44	accounting	accounting	NOUN
ajfa-9064	459	45	and	and	CCONJ
ajfa-9064	459	46	public	public	ADJ
ajfa-9064	459	47	policy,13(2	policy,13(2	PROPN
ajfa-9064	459	48	)	)	PUNCT
ajfa-9064	459	49	,	,	PUNCT
ajfa-9064	459	50	121-139.http://dx.doi.org/10.1016/0278-4254(94)90016-7	121-139.http://dx.doi.org/10.1016/0278-4254(94)90016-7	PROPN
ajfa-9064	459	51	mount	mount	PROPN
ajfa-9064	459	52	,	,	PUNCT
ajfa-9064	459	53	i.	i.	PROPN
ajfa-9064	459	54	(	(	PUNCT
ajfa-9064	459	55	2005	2005	NUM
ajfa-9064	459	56	)	)	PUNCT
ajfa-9064	459	57	.	.	PUNCT
ajfa-9064	460	1	death	death	NOUN
ajfa-9064	460	2	of	of	ADP
ajfa-9064	460	3	the	the	DET
ajfa-9064	460	4	ipo	ipo	NOUN
ajfa-9064	460	5	dream.fortune	dream.fortune	PRON
ajfa-9064	460	6	small	small	ADJ
ajfa-9064	460	7	business,15	business,15	NOUN
ajfa-9064	460	8	,	,	PUNCT
ajfa-9064	460	9	3	3	NUM
ajfa-9064	460	10	-	-	SYM
ajfa-9064	460	11	6	6	NUM
ajfa-9064	460	12	.	.	PUNCT
ajfa-9064	461	1	naidu	naidu	PROPN
ajfa-9064	461	2	,	,	PUNCT
ajfa-9064	461	3	g.	g.	PROPN
ajfa-9064	461	4	n.	n.	PROPN
ajfa-9064	461	5	,	,	PUNCT
ajfa-9064	461	6	&	&	CCONJ
ajfa-9064	461	7	rozeff	rozeff	NOUN
ajfa-9064	461	8	,	,	PUNCT
ajfa-9064	461	9	m.	m.	NOUN
ajfa-9064	461	10	s.	s.	PROPN
ajfa-9064	461	11	(	(	PUNCT
ajfa-9064	461	12	1994	1994	NUM
ajfa-9064	461	13	)	)	PUNCT
ajfa-9064	461	14	.	.	PUNCT
ajfa-9064	462	1	volume	volume	NOUN
ajfa-9064	462	2	,	,	PUNCT
ajfa-9064	462	3	volatility	volatility	NOUN
ajfa-9064	462	4	,	,	PUNCT
ajfa-9064	462	5	liquidity	liquidity	NOUN
ajfa-9064	462	6	and	and	CCONJ
ajfa-9064	462	7	efficiency	efficiency	NOUN
ajfa-9064	462	8	of	of	ADP
ajfa-9064	462	9	the	the	DET
ajfa-9064	462	10	singapore	singapore	PROPN
ajfa-9064	462	11	stock	stock	PROPN
ajfa-9064	462	12	exchange	exchange	PROPN
ajfa-9064	462	13	before	before	ADP
ajfa-9064	462	14	and	and	CCONJ
ajfa-9064	462	15	after	after	ADP
ajfa-9064	462	16	automation.pacific	automation.pacific	PROPN
ajfa-9064	462	17	-	-	PUNCT
ajfa-9064	462	18	basin	basin	NOUN
ajfa-9064	462	19	finance	finance	NOUN
ajfa-9064	462	20	journal	journal	NOUN
ajfa-9064	462	21	,	,	PUNCT
ajfa-9064	462	22	2(1	2(1	NUM
ajfa-9064	462	23	)	)	PUNCT
ajfa-9064	462	24	,	,	PUNCT
ajfa-9064	462	25	23–42.http://dx.doi.org/10.1016/0927	23–42.http://dx.doi.org/10.1016/0927	NUM
ajfa-9064	462	26	-	-	SYM
ajfa-9064	462	27	538x(94)90027	538x(94)90027	NUM
ajfa-9064	462	28	-	-	PUNCT
ajfa-9064	462	29	2	2	NUM
ajfa-9064	462	30	nelson	nelson	PROPN
ajfa-9064	462	31	,	,	PUNCT
ajfa-9064	462	32	j.	j.	PROPN
ajfa-9064	462	33	,	,	PUNCT
ajfa-9064	462	34	gallery	gallery	PROPN
ajfa-9064	462	35	,	,	PUNCT
ajfa-9064	462	36	g.	g.	PROPN
ajfa-9064	462	37	,	,	PUNCT
ajfa-9064	462	38	&	&	CCONJ
ajfa-9064	462	39	percy	percy	PROPN
ajfa-9064	462	40	,	,	PUNCT
ajfa-9064	462	41	m.	m.	NOUN
ajfa-9064	462	42	(	(	PUNCT
ajfa-9064	462	43	2010).role	2010).role	NUM
ajfa-9064	462	44	of	of	ADP
ajfa-9064	462	45	corporate	corporate	ADJ
ajfa-9064	462	46	governance	governance	NOUN
ajfa-9064	462	47	in	in	ADP
ajfa-9064	462	48	mitigating	mitigate	VERB
ajfa-9064	462	49	the	the	DET
ajfa-9064	462	50	selective	selective	ADJ
ajfa-9064	462	51	disclosure	disclosure	NOUN
ajfa-9064	462	52	of	of	ADP
ajfa-9064	462	53	executive	executive	ADJ
ajfa-9064	462	54	stock	stock	NOUN
ajfa-9064	462	55	option	option	NOUN
ajfa-9064	462	56	information.accounting	information.accounting	NOUN
ajfa-9064	462	57	and	and	CCONJ
ajfa-9064	462	58	finance,50(3	finance,50(3	NOUN
ajfa-9064	462	59	)	)	PUNCT
ajfa-9064	462	60	,	,	PUNCT
ajfa-9064	462	61	685	685	NUM
ajfa-9064	462	62	-	-	SYM
ajfa-9064	462	63	717	717	NUM
ajfa-9064	462	64	.	.	PUNCT
ajfa-9064	463	1	http://dx.doi.org/10.1111/j.1467-629x.2009.00339.x	http://dx.doi.org/10.1111/j.1467-629x.2009.00339.x	PROPN
ajfa-9064	463	2	oviatt	oviatt	ADJ
ajfa-9064	463	3	,	,	PUNCT
ajfa-9064	463	4	b.	b.	PROPN
ajfa-9064	463	5	m.	m.	PROPN
ajfa-9064	463	6	(	(	PUNCT
ajfa-9064	463	7	1988	1988	NUM
ajfa-9064	463	8	)	)	PUNCT
ajfa-9064	463	9	.	.	PUNCT
ajfa-9064	464	1	agency	agency	NOUN
ajfa-9064	464	2	and	and	CCONJ
ajfa-9064	464	3	transaction	transaction	NOUN
ajfa-9064	464	4	cost	cost	VERB
ajfa-9064	464	5	perspectives	perspective	NOUN
ajfa-9064	464	6	on	on	ADP
ajfa-9064	464	7	the	the	DET
ajfa-9064	464	8	manager	manager	NOUN
ajfa-9064	464	9	-	-	PUNCT
ajfa-9064	464	10	shareholder	shareholder	NOUN
ajfa-9064	464	11	relationship	relationship	NOUN
ajfa-9064	464	12	:	:	PUNCT
ajfa-9064	464	13	incentives	incentive	VERB
ajfa-9064	464	14	for	for	ADP
ajfa-9064	464	15	congruent	congruent	ADJ
ajfa-9064	464	16	interests	interest	NOUN
ajfa-9064	464	17	.	.	PUNCT
ajfa-9064	465	1	the	the	DET
ajfa-9064	465	2	academy	academy	PROPN
ajfa-9064	465	3	of	of	ADP
ajfa-9064	465	4	management	management	PROPN
ajfa-9064	465	5	review,13(2	review,13(2	PROPN
ajfa-9064	465	6	)	)	PUNCT
ajfa-9064	465	7	,	,	PUNCT
ajfa-9064	465	8	214	214	NUM
ajfa-9064	465	9	-	-	SYM
ajfa-9064	465	10	225	225	NUM
ajfa-9064	465	11	.	.	PUNCT
ajfa-9064	466	1	http://dx.doi.org/10.5465/amr.1988.4306868	http://dx.doi.org/10.5465/amr.1988.4306868	X
ajfa-9064	466	2	owen	owen	PROPN
ajfa-9064	466	3	,	,	PUNCT
ajfa-9064	466	4	s.	s.	PROPN
ajfa-9064	466	5	,	,	PUNCT
ajfa-9064	466	6	shi	shi	PROPN
ajfa-9064	466	7	,	,	PUNCT
ajfa-9064	466	8	l.	l.	PROPN
ajfa-9064	466	9	,&yawson	,&yawson	PROPN
ajfa-9064	466	10	,	,	PUNCT
ajfa-9064	466	11	a.	a.	NOUN
ajfa-9064	466	12	(	(	PUNCT
ajfa-9064	466	13	2010).diverstitures	2010).diverstiture	NOUN
ajfa-9064	466	14	,	,	PUNCT
ajfa-9064	466	15	wealth	wealth	NOUN
ajfa-9064	466	16	effects	effect	NOUN
ajfa-9064	466	17	and	and	CCONJ
ajfa-9064	466	18	corporate	corporate	ADJ
ajfa-9064	466	19	governance.accounting	governance.accounting	NOUN
ajfa-9064	466	20	and	and	CCONJ
ajfa-9064	466	21	finance,50(2	finance,50(2	PROPN
ajfa-9064	466	22	)	)	PUNCT
ajfa-9064	466	23	,	,	PUNCT
ajfa-9064	466	24	389	389	NUM
ajfa-9064	466	25	-	-	SYM
ajfa-9064	466	26	415	415	NUM
ajfa-9064	466	27	.	.	PUNCT
ajfa-9064	467	1	http://dx.doi.org/10.1111/j.1467-629x.2009.00332.x	http://dx.doi.org/10.1111/j.1467-629x.2009.00332.x	NOUN
ajfa-9064	467	2	pinkowitz	pinkowitz	NOUN
ajfa-9064	467	3	,	,	PUNCT
ajfa-9064	467	4	l.	l.	PROPN
ajfa-9064	467	5	,	,	PUNCT
ajfa-9064	467	6	stulz	stulz	ADJ
ajfa-9064	467	7	,	,	PUNCT
ajfa-9064	467	8	r.	r.	PROPN
ajfa-9064	467	9	,&williamson	,&williamson	PROPN
ajfa-9064	467	10	,	,	PUNCT
ajfa-9064	467	11	r.	r.	PROPN
ajfa-9064	467	12	(	(	PUNCT
ajfa-9064	467	13	2006).does	2006).does	NUM
ajfa-9064	467	14	the	the	DET
ajfa-9064	467	15	contribution	contribution	NOUN
ajfa-9064	467	16	of	of	ADP
ajfa-9064	467	17	corporate	corporate	ADJ
ajfa-9064	467	18	cash	cash	NOUN
ajfa-9064	467	19	holdings	holding	NOUN
ajfa-9064	467	20	and	and	CCONJ
ajfa-9064	467	21	dividends	dividend	NOUN
ajfa-9064	467	22	to	to	PART
ajfa-9064	467	23	firm	firm	ADJ
ajfa-9064	467	24	value	value	NOUN
ajfa-9064	467	25	depend	depend	VERB
ajfa-9064	467	26	on	on	ADP
ajfa-9064	467	27	governance	governance	NOUN
ajfa-9064	467	28	?	?	PUNCT
ajfa-9064	468	1	a	a	DET
ajfa-9064	468	2	cross	cross	ADJ
ajfa-9064	468	3	-	-	ADJ
ajfa-9064	468	4	country	country	ADJ
ajfa-9064	468	5	analysis.journal	analysis.journal	NOUN
ajfa-9064	468	6	of	of	ADP
ajfa-9064	468	7	finance	finance	NOUN
ajfa-9064	468	8	,	,	PUNCT
ajfa-9064	468	9	61(6	61(6	NUM
ajfa-9064	468	10	)	)	PUNCT
ajfa-9064	468	11	,	,	PUNCT
ajfa-9064	468	12	2725-2751.http://dx.doi.org/10.1111/j.1540-6261.2006.01003.x	2725-2751.http://dx.doi.org/10.1111/j.1540-6261.2006.01003.x	NUM
ajfa-9064	468	13	pound	pound	NOUN
ajfa-9064	468	14	,	,	PUNCT
ajfa-9064	468	15	j.	j.	PROPN
ajfa-9064	468	16	(	(	PUNCT
ajfa-9064	468	17	1988	1988	NUM
ajfa-9064	468	18	)	)	PUNCT
ajfa-9064	468	19	.	.	PUNCT
ajfa-9064	469	1	proxy	proxy	ADJ
ajfa-9064	469	2	contests	contest	NOUN
ajfa-9064	469	3	and	and	CCONJ
ajfa-9064	469	4	the	the	DET
ajfa-9064	469	5	efficiency	efficiency	NOUN
ajfa-9064	469	6	of	of	ADP
ajfa-9064	469	7	shareholder	shareholder	NOUN
ajfa-9064	469	8	oversight.journal	oversight.journal	PROPN
ajfa-9064	469	9	of	of	ADP
ajfa-9064	469	10	financial	financial	ADJ
ajfa-9064	469	11	economics,20	economics,20	NOUN
ajfa-9064	469	12	,	,	PUNCT
ajfa-9064	469	13	237-265.http://dx.doi.org/10.1016/0304-405x(88)90046-3	237-265.http://dx.doi.org/10.1016/0304-405x(88)90046-3	NUM
ajfa-9064	469	14	spence	spence	NOUN
ajfa-9064	469	15	,	,	PUNCT
ajfa-9064	469	16	d.b	d.b	PROPN
ajfa-9064	469	17	.	.	PROPN
ajfa-9064	469	18	(	(	PUNCT
ajfa-9064	469	19	2001	2001	NUM
ajfa-9064	469	20	)	)	PUNCT
ajfa-9064	469	21	.	.	PUNCT
ajfa-9064	470	1	the	the	DET
ajfa-9064	470	2	shadow	shadow	NOUN
ajfa-9064	470	3	of	of	ADP
ajfa-9064	470	4	the	the	DET
ajfa-9064	470	5	rational	rational	ADJ
ajfa-9064	470	6	polluter	polluter	NOUN
ajfa-9064	470	7	:	:	PUNCT
ajfa-9064	470	8	rethinking	rethink	VERB
ajfa-9064	470	9	the	the	DET
ajfa-9064	470	10	role	role	NOUN
ajfa-9064	470	11	of	of	ADP
ajfa-9064	470	12	rational	rational	ADJ
ajfa-9064	470	13	actor	actor	NOUN
ajfa-9064	470	14	models	model	NOUN
ajfa-9064	470	15	in	in	ADP
ajfa-9064	470	16	environmental	environmental	ADJ
ajfa-9064	470	17	law	law	NOUN
ajfa-9064	470	18	.	.	PUNCT
ajfa-9064	471	1	california	california	PROPN
ajfa-9064	471	2	law	law	PROPN
ajfa-9064	471	3	review,89(4	review,89(4	PROPN
ajfa-9064	471	4	)	)	PUNCT
ajfa-9064	471	5	,	,	PUNCT
ajfa-9064	471	6	917-998.http://dx.doi.org/10.2307/3481289	917-998.http://dx.doi.org/10.2307/3481289	NUM
ajfa-9064	471	7	verrecchia	verrecchia	NOUN
ajfa-9064	471	8	.	.	PROPN
ajfa-9064	471	9	,	,	PUNCT
ajfa-9064	471	10	r.	r.	PROPN
ajfa-9064	471	11	e.	e.	PROPN
ajfa-9064	471	12	(	(	PUNCT
ajfa-9064	471	13	1983	1983	NUM
ajfa-9064	471	14	)	)	PUNCT
ajfa-9064	471	15	.	.	PUNCT
ajfa-9064	472	1	discretionary	discretionary	ADJ
ajfa-9064	472	2	disclosure	disclosure	NOUN
ajfa-9064	472	3	.	.	PUNCT
ajfa-9064	473	1	journal	journal	NOUN
ajfa-9064	473	2	of	of	ADP
ajfa-9064	473	3	accounting	accounting	NOUN
ajfa-9064	473	4	and	and	CCONJ
ajfa-9064	473	5	economics,5(jan	economics,5(jan	NOUN
ajfa-9064	473	6	)	)	PUNCT
ajfa-9064	473	7	,	,	PUNCT
ajfa-9064	473	8	179-194.http://dx.doi.org/10.1016/0165-4101(83)90011-3	179-194.http://dx.doi.org/10.1016/0165-4101(83)90011-3	NUM
ajfa-9064	473	9	williamson	williamson	NOUN
ajfa-9064	473	10	,	,	PUNCT
ajfa-9064	473	11	o.	o.	PROPN
ajfa-9064	473	12	e.	e.	PROPN
ajfa-9064	473	13	(	(	PUNCT
ajfa-9064	473	14	1983	1983	NUM
ajfa-9064	473	15	)	)	PUNCT
ajfa-9064	473	16	.	.	PUNCT
ajfa-9064	474	1	organization	organization	NOUN
ajfa-9064	474	2	form	form	NOUN
ajfa-9064	474	3	,	,	PUNCT
ajfa-9064	474	4	residual	residual	ADJ
ajfa-9064	474	5	claimants	claimant	NOUN
ajfa-9064	474	6	and	and	CCONJ
ajfa-9064	474	7	corporate	corporate	ADJ
ajfa-9064	474	8	http://doi.org/10.1111/0022-1082.35053	http://doi.org/10.1111/0022-1082.35053	NOUN
ajfa-9064	474	9	http://www.sbs.gov.uk/content/analytical/research/omnibussurvey1.pdf	http://www.sbs.gov.uk/content/analytical/research/omnibussurvey1.pdf	PROPN
ajfa-9064	474	10	http://doi.org/10.2307/3003562	http://doi.org/10.2307/3003562	NOUN
ajfa-9064	474	11	http://doi.org/10.1162/003355398555739	http://doi.org/10.1162/003355398555739	X
ajfa-9064	474	12	http://doi.org/10.1016/0278-4254(94)90016-7	http://doi.org/10.1016/0278-4254(94)90016-7	PROPN
ajfa-9064	475	1	http://doi.org/10.1016/0927-538x(94)90027-2	http://doi.org/10.1016/0927-538x(94)90027-2	PROPN
ajfa-9064	475	2	http://doi.org/10.1111/j.1467-629x.2009.00339.x	http://doi.org/10.1111/j.1467-629x.2009.00339.x	PROPN
ajfa-9064	475	3	http://doi.org/10.5465/amr.1988.4306868	http://doi.org/10.5465/amr.1988.4306868	VERB
ajfa-9064	475	4	http://doi.org/10.1111/j.1467-629x.2009.00332.x	http://doi.org/10.1111/j.1467-629x.2009.00332.x	NOUN
ajfa-9064	475	5	http://doi.org/10.1111/j.1540-6261.2006.01003.x	http://doi.org/10.1111/j.1540-6261.2006.01003.x	NOUN
ajfa-9064	476	1	http://doi.org/10.1016/0304-405x(88)90046-3	http://doi.org/10.1016/0304-405x(88)90046-3	PROPN
ajfa-9064	476	2	http://doi.org/10.2307/3481289	http://doi.org/10.2307/3481289	ADJ
ajfa-9064	476	3	http://doi.org/10.1016/0165-4101(83)90011-3	http://doi.org/10.1016/0165-4101(83)90011-3	VERB
ajfa-9064	476	4	asian	asian	ADJ
ajfa-9064	476	5	journal	journal	NOUN
ajfa-9064	476	6	of	of	ADP
ajfa-9064	476	7	finance	finance	PROPN
ajfa-9064	476	8	&	&	CCONJ
ajfa-9064	476	9	accounting	accounting	PROPN
ajfa-9064	476	10	issn	issn	PROPN
ajfa-9064	476	11	1946	1946	NUM
ajfa-9064	476	12	-	-	PUNCT
ajfa-9064	476	13	052x	052x	PROPN
ajfa-9064	476	14	2016	2016	NUM
ajfa-9064	476	15	,	,	PUNCT
ajfa-9064	476	16	vol	vol	NOUN
ajfa-9064	476	17	.	.	PROPN
ajfa-9064	476	18	8	8	NUM
ajfa-9064	476	19	,	,	PUNCT
ajfa-9064	476	20	no	no	INTJ
ajfa-9064	476	21	.	.	NOUN
ajfa-9064	476	22	1	1	NUM
ajfa-9064	476	23	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9064	476	24	126	126	NUM
ajfa-9064	476	25	control.journal	control.journal	NOUN
ajfa-9064	476	26	of	of	ADP
ajfa-9064	476	27	law	law	NOUN
ajfa-9064	476	28	and	and	CCONJ
ajfa-9064	476	29	economics,26(2	economics,26(2	PROPN
ajfa-9064	476	30	)	)	PUNCT
ajfa-9064	476	31	,	,	PUNCT
ajfa-9064	476	32	351-366.http://dx.doi.org/10.1086/467039	351-366.http://dx.doi.org/10.1086/467039	NUM
ajfa-9064	476	33	wild	wild	ADJ
ajfa-9064	476	34	,	,	PUNCT
ajfa-9064	476	35	j.	j.	PROPN
ajfa-9064	476	36	j.	j.	PROPN
ajfa-9064	476	37	(	(	PUNCT
ajfa-9064	476	38	1996).the	1996).the	NUM
ajfa-9064	476	39	audit	audit	NOUN
ajfa-9064	476	40	committee	committee	NOUN
ajfa-9064	476	41	and	and	CCONJ
ajfa-9064	476	42	earnings	earning	NOUN
ajfa-9064	476	43	quality.journal	quality.journal	ADJ
ajfa-9064	476	44	of	of	ADP
ajfa-9064	476	45	accounting	accounting	NOUN
ajfa-9064	476	46	,	,	PUNCT
ajfa-9064	476	47	auditing	auditing	NOUN
ajfa-9064	476	48	and	and	CCONJ
ajfa-9064	476	49	finance,11(apr	finance,11(apr	PROPN
ajfa-9064	476	50	)	)	PUNCT
ajfa-9064	476	51	,	,	PUNCT
ajfa-9064	476	52	247	247	NUM
ajfa-9064	476	53	-	-	SYM
ajfa-9064	476	54	276	276	NUM
ajfa-9064	476	55	.	.	PUNCT
ajfa-9064	477	1	zahra	zahra	PROPN
ajfa-9064	477	2	,	,	PUNCT
ajfa-9064	477	3	s.	s.	PROPN
ajfa-9064	477	4	a.	a.	PROPN
ajfa-9064	477	5	,	,	PUNCT
ajfa-9064	477	6	&	&	CCONJ
ajfa-9064	477	7	pearce	pearce	PROPN
ajfa-9064	477	8	ii	ii	PROPN
ajfa-9064	477	9	,	,	PUNCT
ajfa-9064	477	10	j.	j.	PROPN
ajfa-9064	477	11	a.	a.	PROPN
ajfa-9064	477	12	(	(	PUNCT
ajfa-9064	477	13	1989	1989	NUM
ajfa-9064	477	14	)	)	PUNCT
ajfa-9064	477	15	.	.	PUNCT
ajfa-9064	478	1	boards	board	NOUN
ajfa-9064	478	2	of	of	ADP
ajfa-9064	478	3	directors	director	NOUN
ajfa-9064	478	4	and	and	CCONJ
ajfa-9064	478	5	corporate	corporate	ADJ
ajfa-9064	478	6	financial	financial	ADJ
ajfa-9064	478	7	performance	performance	NOUN
ajfa-9064	478	8	:	:	PUNCT
ajfa-9064	478	9	a	a	DET
ajfa-9064	478	10	review	review	NOUN
ajfa-9064	478	11	and	and	CCONJ
ajfa-9064	478	12	integrated	integrated	ADJ
ajfa-9064	478	13	model	model	NOUN
ajfa-9064	478	14	.	.	PUNCT
ajfa-9064	479	1	journal	journal	PROPN
ajfa-9064	479	2	of	of	ADP
ajfa-9064	479	3	management	management	NOUN
ajfa-9064	479	4	,	,	PUNCT
ajfa-9064	479	5	15(2	15(2	NUM
ajfa-9064	479	6	)	)	PUNCT
ajfa-9064	479	7	,	,	PUNCT
ajfa-9064	479	8	291-334.http://dx.doi.org/10.1177/014920638901500208	291-334.http://dx.doi.org/10.1177/014920638901500208	NUM
ajfa-9064	479	9	copyright	copyright	NOUN
ajfa-9064	479	10	disclaimer	disclaimer	ADJ
ajfa-9064	479	11	copyright	copyright	NOUN
ajfa-9064	479	12	for	for	ADP
ajfa-9064	479	13	this	this	DET
ajfa-9064	479	14	article	article	NOUN
ajfa-9064	479	15	is	be	AUX
ajfa-9064	479	16	retained	retain	VERB
ajfa-9064	479	17	by	by	ADP
ajfa-9064	479	18	the	the	DET
ajfa-9064	479	19	author(s	author(s	PROPN
ajfa-9064	479	20	)	)	PUNCT
ajfa-9064	479	21	,	,	PUNCT
ajfa-9064	479	22	with	with	ADP
ajfa-9064	479	23	first	first	ADJ
ajfa-9064	479	24	publication	publication	NOUN
ajfa-9064	479	25	rights	right	NOUN
ajfa-9064	479	26	granted	grant	VERB
ajfa-9064	479	27	to	to	ADP
ajfa-9064	479	28	the	the	DET
ajfa-9064	479	29	journal	journal	NOUN
ajfa-9064	479	30	.	.	PUNCT
ajfa-9064	480	1	this	this	PRON
ajfa-9064	480	2	is	be	AUX
ajfa-9064	480	3	an	an	DET
ajfa-9064	480	4	open	open	ADJ
ajfa-9064	480	5	-	-	PUNCT
ajfa-9064	480	6	access	access	NOUN
ajfa-9064	480	7	article	article	NOUN
ajfa-9064	480	8	distributed	distribute	VERB
ajfa-9064	480	9	under	under	ADP
ajfa-9064	480	10	the	the	DET
ajfa-9064	480	11	terms	term	NOUN
ajfa-9064	480	12	and	and	CCONJ
ajfa-9064	480	13	conditions	condition	NOUN
ajfa-9064	480	14	of	of	ADP
ajfa-9064	480	15	the	the	DET
ajfa-9064	480	16	creative	creative	ADJ
ajfa-9064	480	17	commons	common	NOUN
ajfa-9064	480	18	attribution	attribution	NOUN
ajfa-9064	480	19	license	license	NOUN
ajfa-9064	480	20	(	(	PUNCT
ajfa-9064	480	21	http://creativecommons.org/licenses/by/3.0/	http://creativecommons.org/licenses/by/3.0/	PROPN
ajfa-9064	480	22	)	)	PUNCT
ajfa-9064	480	23	.	.	PUNCT
ajfa-9064	481	1	http://doi.org/10.1086/467039	http://doi.org/10.1086/467039	NOUN
ajfa-9064	481	2	http://doi.org/10.1177/014920638901500208	http://doi.org/10.1177/014920638901500208	VERB